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MVM takes control of NKM through HUF 13.4 bln capital raise

The state-owned Hungarian Electricity Works (MVM) has become the sole owner of the National Public Utilities Company (NKM) through a HUF 13.4 billion capital raise, MVM said on Friday, state news wire MTI reports.

At the end of 2018, MVM controlled 50.0% of NKM, public records show. The Hungarian Development Bank (MFB) controlled 43.5% and the state of Hungary directly controlled a 6.5% stake.

With the merger of NKM into MVM, Hungaryʼs largest operating energy holding has been established, MVM said.