ADVERTISEMENT

National asset company buys HUF 3.75 bln stake in gas line

Initiatives

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.

ADVERTISEMENT

IMF raises Hungary 2021 GDP growth forecast to 7.6% Analysis

IMF raises Hungary 2021 GDP growth forecast to 7.6%

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.