MVM shareholders apportion HUF 25 bln of equipment to telco unit
A shareholders meeting of the state-owned Hungarian Electricity Works (MVM) on Friday approved a HUF 25 billion capital raise at its telecommunications unit through the apportioning of telecommunications equipment, MVM said.
MVM shareholders decided last autumn to develop and operate the electronic backbone network for the government.
MVM said at the time that it would consolidate the sate's existing telecommunications backbone network and expand it to 44 hubs. In addition to serving state institutions, the telecommunications network also offers new opportunities for business use, it added.
MVM shareholders also decided on Friday to review the "possibility of playing a role" in preparations for the Hungarian stretch of the South Stream international gas pipeline, buying a 50% stake in South Stream Hungary from the Hungarian Development Bank (MFB) if the necessary legal conditions are met.
ADVERTISEMENT
MBH Bank Closes Acquisition of Duna Takarék Bank
Orbán Augurs Economic Rebound From Q3
Corvinus Uni, ExxonMobil Sign Cooperation Deal
Budapest Muni Council Clears Rác Baths Renovation
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
