Hungary’s national asset management agency (MNV) held an auction yesterday to sell 33 smaller commercial holdings. The agency was looking to net over Ft 320 million (€1.2 million) from the sales, mfor.hu reports, via business daily Napi Gazdaság.
Speaking before the sale, MNV chief executive Miklós Tátrai called the auction a “tentative” method aimed at selling the state’s mostly minority holdings in a more streamlined and transparent way. In the end, stakes in 28 companies were sold for a total of Ft 242 million, after the three largest blocks, in three water companies, were left without a bidder.
Among the offerings were a 97.67% stake in construction company Róna-IM Kft, and a 90% block of shares in construction, environmental and utility firm Épvízkör Kft.
Ordinary shares in E.ON Zrt’s three regional utility companies, Édász Zrt, Dédász Zrt and Titász Zrt, along with Démász Zrt, which had been acquired golden shares by the state between Ft 10,000 and Ft 15,000, were red hot on the bidding floor.
Édász shares sold for Ft 10 million (a 760-fold markup over the reserve price), while Titász, Dédász, and Démász stock went for Ft 4 million, Ft 3.35 million, and Ft 2.1 million, respectively. Minority shares generated a total Ft 48 million in revenue for the state.
While there are 33 such stakes in all, together they are expected to fetch just over Ft 320 million (€1.3 million), though Tátrai said a successful round of sales would lead to auctions of other such holdings, which currently number almost 200.