BRATISLAVA, March 11, (WEBNOVINY) –- The Finance Ministry has already prepared an analysis on the economic advantages of keeping the stakes in companies partially controlled by the government privatization agency, the FNM for the Cabinet session. The ministry asserts in the material that the sale of the stakes seems more expedient compared to the expected dividend payout, provided that the competition rules are observed. The Cabinet will debate the material and the subsequent steps of the FNM in handling its stakes in joint stock companies, namely whether their privatization will continue or end, according to the ministry.
The FNM has suggested selling its stakes in the spa company Bardejovske Kupele, the Bratislava Stock Exchange (BCPB), DMD GROUP, the spa company Sliac and Tehelna Polyclinic. The latest analysis also contains the estimated market value of these firms. The market price of the stake in BCPB ranges from EUR 900,000 to EUR 3.5 million, excluding the value of the Central Securities Depository of the Slovak Republic (CSCP), whose 100-percent owner is the Bratislava Stock Exchange. The price of Central Securities Depository shares is evaluated at some EUR 4.5-EUR 9 million.
The fund points out that in case of BCPB the preemptive right of other stockholders has to be taken into consideration. When a stockholder wants to sell its stake in the company’s share capital, it has to offer it to all other stockholders first. If several stockholders apply their preemptive right, they are entitled to a stake representing the ratio of their stakes at most, unless they agree otherwise, according to the statutes of the Bratislava Stock Exchange
The FNM controls 67 percent in the spa company Sliac, which has been in the red over for the three past years. Since the company has been generating losses, the market value estimate was set on the basis of assessed encashment of the property value. The market price of the company is rated at EUR 1.8 million, according to the material. The FNM has proposed selling the stake directly in a contest. However, the preemptive right of other stockholders has to be considered with this company, too.
Furthermore, the agency holds a 0.08-percent stake in the spa company Bardejovske Kupele. The value of this stake is estimated at EUR 7,000. The amount of dividends paid out over the past three years accounted for EUR 1,696. The Tehelna Polyclinic, of which the FNM controls 100 percent, has been in the red since its inception. Its market price has been estimated at EUR 1 million.
SITA
