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MVM shareholders apportion HUF 25 bln of equipment to telco unit

History

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.

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