Hungary could repurchase German utility firm RWE's (RWE.XE) minority stake in Fogaz Zrt., the supplier of natural gas to Budapest, by the end of December, national daily Magyar Nemzet Monday quoted Fogaz Chief Executive Laszlo Koncz as saying.
Hungary could repurchase German utility firm RWE's (RWE.XE) minority
stake in Fogaz Zrt., the supplier of natural gas to Budapest, by the end of
December, national daily Magyar Nemzet Monday quoted Fogaz Chief Executive
Laszlo Koncz as saying.
The repurchase is in line with the Fidesz-party government's policy since it
came to power in 2010 to buy back certain companies such as utility firms. It
says the firms were erroneously privatized as part of
Hungary
's
move to become a market economy after the fall of a command economy in 1989.
RWE Gas International B.V. holds a 49.8% stake in Fogaz, which supplied 885
million cubic meters of gas to 806,320 households in
Budapest
and
its surrounding area last year. The
Budapest
Municipality
holds
a further 50% stake in the company.
Fogaz's audit has been completed and the evaluation of the company is next to
prepare it for the sale, Mr. Koncz said.
Fogaz's net profit totaled 7.05 billion forints ($32.1 million) last year, down
from HUF8.23 billion a year earlier. Its earnings fell to HUF21.9 a share in
2012 from HUF25.5 in 2011.
Hungary
is in
talks with six or seven utility firms about a state buyback, Prime Minister
Viktor Orban has said. The state has already bought back a municipal water
utility firm from
France
's GDF
Suez S.A. and the Hungarian natural gas arm of German energy giant E.ON S.E.
The government considers the re-nationalization of the utility firms will
ensure that energy prices remain low. By the end of this year, Fidesz, which is
seeking reelection in less than six months, will have lowered household utility
prices by 20% since the start of this year.
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