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OVIT ZRt. Transforms its Gas Directorate into an Independent Company2011-09-19 Szerző: OVIT Zrt.
Shareholders’ Meeting decided to transform OVIT ZRt. by splitting off
Today, the Shareholders’ Meeting of Országos Villamostávvezeték ZRt. (OVIT - National Power Line Company), which belongs to the MVM Group, has decided to transform OVIT ZRt. by splitting off its Gas Directorate. As a result, Magyar Gáz Tranzit ZRt. will be established. The new company, with an equity capital of two billion forints, is expected to be set up early next year. Upon the split-off, following a relevant amendment of its Charter, OVIT ZRt. as the remaining company will continue to operate in an unchanged corporate form. The background for this decision is that upon a successful project application jointly submitted by Földgázszállító Zrt. (FGSZ Zrt.) and Eustream a.s., a Slovakian company, financing support was granted within the framework of EU Commission’s European Energy Programme for Recovery for the construction of the Hungarian–Slovakian Gas Transport Interconnection Pipeline between Vecsés and Balassagyarmat. FGSZ Zrt. later withdrew from project implementation. In a letter to the European Commission, the Ministry of National Development named OVIT ZRt. as the project beneficiary and, at the same time, requested to assign the awarded support, amounting to more than 26 million euros, to OVIT ZRt. On 14 April 2011, the Hungarian Energy Office issued an operating license for gas transport to OVIT ZRt, and specified the conditions for such activity. According to its mid-term strategic objectives, the mission of OVIT ZRt. is to act as a leader in the energy market in Hungary with its power station, transmission line and substation construction, maintenance and related production activities. In the interest of making preparations to meet the complete ownership separation requirement set forth in the third energy package of the European Union and to ensure that the project can be financed, based on a comprehensive legal examination of all circumstances, the optimal solution for OVIT ZRt is to maintain its current activity in an unchanged form while creating a project company split off from OVIT ZRt. to carry on the gas licensee activity. In view of the above, the OVIT ZRt. Shareholders’ Meeting adopted a resolution today according to which the equity capital of the company will be increased by two billion forints by the owner, Magyar Villamos Művek Zrt. (Hungarian Power Companies), and in the interest of the implementation of the Hungarian–Slovakian Gas Transmission Interconnection Pipeline project, a new company will be established by transformation, by splitting off from OVIT ZRt. Gas transmission via the Hungarian–Slovakian Gas Interconnection Pipeline has to be started by 01 January 2015. Budapest, 06 September 2011 |
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