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State energy group MVM buys 50% of Panrusgaz under option

Telco

State-owned Hungarian Electricity Works (MVM) has purchased 50% of the shares of gas trading company Panrusgaz Gázkereskedelmi, which specializes in selling Russian gas delivered in Hungary, for HUF 940 mln, MVM told MTI on Friday. 

MVM bought the stake under an option it had acquired to buy the shares of Panrusgaz owned by E.ON Ruhrgas International when it bought E.ON's Hungarian natural gas trade and storage business in October 2013. Russia's Gazprom is also a shareholder in Panrusgaz, it held 40% of the shares, Hungary-based energy and gas company Centrex Hungaria held 10% and E.ON Ruhrgas held the remaining 50% at the end of 2013.

Panrusgaz, set up in 1994, is selling gas received from Gazprom to MVM unit Magyar Földgázkereskedő (Hungarian Gas Trade), which until the October 2013 transaction was E.ON's Hungarian gas trading company. Panrusgaz Gázkereskedelmi had net assets of HUF 4.3 bln at the end of 2013, its company filings show.

It had HUF 832.5 bln after-tax profit on sales revenue of HUF 489.2 bln in 2013, and paid a dividend of HUF 1.2 bln, using part of its profit reserves. Sales rose 15% from 2012, while both after-tax profit and dividend paid fell sharply, from HUF 4.1 bln and HUF 3.3 bln, respectively. 

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