National asset company buys HUF 3.75 bln stake in gas line
A shareholders' meeting of the state-owned Hungarian Electricity Works (MVM) has decided to sell the company's 49.98% stake in Magyar Gáz Tranzit, the project company for a gas interconnector between Hungary and Slovakia, to the Hungarian National Asset Management Company (MNV) for HUF 3.75 bln.
The decision was taken in line with a government resolution published in August. The August government resolution said that the MNV will buy the shares held by MVM from its own resources.
The government resolution also said that MNV will buy out the 49.98% Magyar Gáz Tranzit stake held by MFB Invest, a unit of state-owned Hungarian Development Bank (MFB) too, "after the economy and development ministers secured the necessary appropriations from the central budget".
Once the transactions are completed, ownership rights over Magyar Gáz Tranzit will be exercised by the Ministry of Interior, the August resolution added. The €150 mln interconnector, which runs for 111km, is set to start commercial operation by the beginning of next year.
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