Démász EGM to decide on delisting, separation of activities in October

Competition

An extraordinary meeting of shareholders of Hungarian electricity distributor Démász Nyrt, owned by Electricite de France (EDF), will convene on October 16 to decide on separating the company's activities and delisting the company's shares from the stock exchange, according to the invitation to the EGM published on the website of the Budapest Stock Exchange (BSE) on Wednesday. EDF currently owns 60.91% of Démász shares. The State Financial Supervisory Authority (PSzÁF) has still not approved the offer, and it has requested EDF to supply additional materials for its application. The EGM invitation does not name the activities which will be separated or the manner in which they will be separated, but it says one of the activities will be placed into a separate unit.
Démász CFO Gábor Lehoczki said earlier that the company was preparing for the full deregulation of the market from July 1, 2007 by making changes within the group. Taking EU directives and Hungarian regulations into consideration, he said Démász would separate its network operation activities and its electricity distributor activities in two companies. (Mti-Eco)

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.

Support the BBJ

Startups