BRATISLAVA, October 29, (WEBNOVINY) — Prime Minister Robert Fico still demands from the potential new minority owner of the gas utility SPP a stronger position of the state that controls 51 percent of the company. The Czech company Energeticky a prumyslovy holding (EPH) should become the new owner of the remaining 49 percent. It should acquire the company Slovak Gas Holding B.V. through which German and French owners hold their minority stake in SPP. “Slovakia will accept if German and French owners sell their stake to the Czech company on the condition that the position of the Slovak Republic in SPP will strengthen. For now I can say that negotiations are developing in this direction and it is highly probable that we will complete the process with successful signing of agreements,” Slovak Prime Minister Robert Fico said following a joint session of the Slovak and Czech cabinets on Monday.
The Slovak government is doing its best to oblige the potential buyer of the SPP minority stake to secure a stronger position in the Board of Directors for the state as the 51-percent owner. Currently the minority French and German shareholder has majority in the BoD when it controls four posts in the seven-member body. The Economy Ministry has already agreed with the EPH company controlled by Czech tycoons Daniel Kretinsky and Petr Kellner on preliminary principles of the future shareholder agreement that should come into effect after EPH enters the Slovak gas utility.
According to the preliminary agreement a post of internal auditor will be set up in SPP who will be nominated by the Slovak side. “The internal auditor will be entitled to access to all information and documents regarding the company’s activities. All members of bodies and employees of the company in question will have the duty to provide reasonably required cooperation to the internal auditor. The internal auditor will primarily fulfill tasks assigned on him by Slovak members of BoD.
Since Slovakia as the 51-percent shareholder has an option for the SPP minority stake, speculations appeared first that the state will buy back the minority stake. However the ministries of economy and finance agreed that the state does not have free finances for such transaction. Last week the Economy Ministry was tasked by the Cabinet to continue talks with EPH on concrete conditions. It has until November 24 to submit the agreed upon conditions to the Cabinet.
SITA