BRATISLAVA, April 1, (WEBNOVINY) – The government’s privatization agency, the National Property Fund (FNM), asserts that Slovakia could have earned more on the sale of heating companies in the past. The value of the concerned firms has been declining since the last attempt in 2006 to sell them. Their value has come down a great deal over the past five years alone, Director of the office of the FNM executive committee chairperson Miloslav Homola reported but was unwilling to elaborate on the concrete sum. Primary analyses have unveiled a value decrease but the FNM prefers not to specify the amount for the time being, Homola stated.
The FNM and the Ministries of Finance and Economy appraised the to-be-sold stakes in the country’s six heating companies at EUR 160-200 million. Homola argues that the plants in Bratislava, Zilina, Trnava, Martin, Zvolen and Kosice lost in value chiefly over decisions stimulated by short-term goals, which is an extremely counterproductive strategy in energy industry that is based on long-term development concepts.
Opposition’s representatives dismissed these statements. “On the contrary, heating companies invested funds and their assets presently range at some EUR 360 million. Therefore I don’t know why the fund suggests selling them for EUR 160-200 million,” former Economy Minister Lubomir Jahnatek (SMER-SD) countered. He accused the authors of the analyses of purposefully lying when having selected not very optimal indicators. As he said, those were the dirty tricks by Iveta Radicova’s Cabinet aimed to prove the need for the privatization of heating plants.
Members of the Slovak Cabinet cleared the sale of 100-percent stakes in six largest heating plants last week. The process is to be kickstarted in the second half of the year in selection of the consultant and a due diligence in heating plants. Authors of the analyses forecast that investors could submit final bids in March 2012.
Several companies confirmed they are interested in the sale of the heating utilities, for instance, the Austrian company Energie Steiermark AG, which controls a 100-percent stake in Stefe SK; Cofely from the GDF SUEZ group and the French company Dalkia. Slavia Capital, Penta as well as the German firm potential involvement.
Early parliamentary elections in 2006 thwarted the privatization of six largest heating plants, planned by the second government of Mikulas Dzurinda. The Cabinet formed by the ballot winner SMER-SD and its two partners halted the sale of energy companies. Dzurinda’s team intended to sell 51-percent stakes directly to a strategic investor. As the fund reported, sixty-four entities showed interest in the utilities five years ago, and 30 candidates qualified for the purchase.
SITA