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Démász EGM to decide on delisting, separation of activities in October

An extraordinary meeting of shareholders of Hungarian electricity distributor Démász Nyrt, owned by Electricite de France (EDF), will convene on October 16 to decide on separating the company's activities and delisting the company's shares from the stock exchange, according to the invitation to the EGM published on the website of the Budapest Stock Exchange (BSE) on Wednesday. EDF currently owns 60.91% of Démász shares. The State Financial Supervisory Authority (PSzÁF) has still not approved the offer, and it has requested EDF to supply additional materials for its application. The EGM invitation does not name the activities which will be separated or the manner in which they will be separated, but it says one of the activities will be placed into a separate unit.
Démász CFO Gábor Lehoczki said earlier that the company was preparing for the full deregulation of the market from July 1, 2007 by making changes within the group. Taking EU directives and Hungarian regulations into consideration, he said Démász would separate its network operation activities and its electricity distributor activities in two companies. (Mti-Eco)