March 12, 2010, 9:44 CET
State acquires 95% of Malév through capital raise, in line with earlier agreement
The Hungarian state has raised the capital of Malev to give it a 95pc stake in the national carrier, Finance Ministry spokesman Ferenc Pichler confirmed for MTI on Thursday.
The state raised capital in Malev by HUF 25.4bn, of which HUF 20.7bn was in cash and HUF 4.7bn in converted debt.
The state reached an agreement to renationalise Malev on February 26. Under the agreement, former majority owner AirBridge has retained a 5pc stake in the airline.
Before the capital raise, on Wednesday, Russia's state-owned Vnesheconombank transferred a EUR 32m bank guarantee that covered AirBridge for rental fees Malev was to pay Hungary's National Asset Management Company (MNV) under the privatisation agreement.
MNV will review the position of the airline in the coming period, MNV spokesman Zsolt Zichermann told MTI.
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