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Sale of military properties expected to generate Ft 33 bln

Hungary's Ministry of Defense expects the sale of more than a hundred former military properties around the country to generate revenue of Ft 33 bln, Defense Minister Imre Szekeres said in an interview published in Tuesday's issue of Napi Gazdaság.

Sales of properties owned by the Ministry of Defense are expected to bring in Ft 15 billion, and sales of military properties owned by the State Treasury Asset Directorate are to generate Ft 18 billion, Szekeres said.

In addition to the properties, the ministry will announce tenders in December for stakes in several military companies, including Arzenal Elektromechanikai, HM Armcom Kommunikációtechnikai and HM Currus Gödöllői Harcjármű-technikai. The state will retain a 50%-plus-one-vote stake in all of the companies, Szekeres said.

He added that the ministry is looking for bidders who are able to develop the companies. Although Hungary's military performance is good, its defense budget is among the lowest of all NATO members, Szekeres said. (Mti-eco)