MVM Zrt, Hungary's state-owned power supplier, sold its majority stake in Vértes Power Plant Zrt to local investor Pro-Nix Kft, Világgazdaság reported citing the seller.
Pro-Nix, which bought an 84% stake in Vértes for an undisclosed price, plans to invest €120 million in the company, according to the newspaper. Pro-Nix has earlier been reported to be acting as a front to Japanese and US financial investors. The company also pledged to operate a smaller power plant and a coalmine, both owned by Vértes, through 2014, Világgazdaság said.
This was Hungary's second attempt to sell Vértes, which generates about 5% of the country's electricity. A sale valued at Ft 3 billion to System Holding Zrt and Faller Consulting Zrt fell through when the prospective buyers pulled out in February 2004.