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Gov't announces public privatization details

Hungary’s state asset manager ÁAK Zrt, power-system operator Mavir and Hungarian electricity holding MVM Zrt will be the first state-owned companies to be partially privatized under the government's New Ownership Program, government spokesman Dávid Daróczi announced on Sunday.

The government decided on the sales schedule at its last Wednesday meeting, Daróczi said.

ÁAK shares of at least 25% minus-one-vote will be sold until May 31, 2009, while shares of at least 25% minus-one-vote, but no more than 50% minus-one-vote will be offered until September 30, 2009. MVM shares of 75% plus-one-vote will be privatized under the program by November 30, 2009, Daróczi said.

Proceeds from the sales will be used to pay off government debt, Daróczi added.

In March, the government announced the New Ownership Program, a plan that allows private individuals to purchase shares in state-owned companies under preferential terms in order spread share ownership. (MTI – Econews)