According to a statement issued on the Ministry of National Economy’s website, the ministry said the deadline for Stockton Zrt. to exercise its pre-emption rights has expired.
BKM must provide the state, as the seller, with an owner’s guarantee or equivalent security for the first two installments of the HUF 30.5 billion purchase price within eight days of signing the contract.
Additionally, within 10 working days, BKM must pay 25% of the total price, amounting to HUF 12.7 bln.
BKM is required to conclude an agreement with state-owned railway company MÁV to regulate the use of areas for rolling stock within 60 days, and is responsible for the site’s environmental cleanup.
Within six months, BKM must also reach an agreement with the Ministry of Construction and Transportation on regulations necessary for implementing the planned development, the ministry added.
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