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Hungary: New Ownership Program Council proposes companies to be included in scheme

Initiatives

New Ownership Program Council (NOPC) President Tamás Mészáros said on Thursday, that the body had proposed to Prime Minister Ferenc Gyurcsány, that the expected state-owned companies, Motorway Management Company AAK, Hungarian Electricity Works MVM, transmission-system operator Mavir, lottery company Szerencsejáték and later, postal service Magyar Posta, be included in the government’s New Ownership Program.

Mészáros said that the council had also proposed, that the program include a 5-15% preference on shares of state-owned companies to be floated at the Budapest Stock Exchange under the program, that investors be given the option of paying for the shares in installments over a period of 3-5 years and be accorded an exemption from the capital-gains tax if they retain the shares for a period of at least five years. Mészáros added that the council had also discussed the possibility of including waterworks, wine trader Tokaji Kereskedőház and a couple of real-estate holding companies in the New Ownership Program. (MTI-Econews)

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