LJUBLJANA (Slovenia), March 30 (SeeNews) – Slovenia's ‘bad bank’, the Bank Assets Management Company (DUTB), said on Friday it is transferring its entire equity stake in production and trade company Koto to the state, instead of selling it on the market.
DUTB will be compensated according to the estimated market value of the equity, as determined by a certified business appraiser, it said in a Ljubljana bourse filing.
The purchase price for DUTB's stake amounts to 1.58 million euro ($1.9 million), plus a further 1.27 million euro, subject to the suspensive condition regarding the waiver of the contractual obligation to reach the target net debt/EBITDA for 2017.
DUTB was established in March 2013 as a government-owned company with the aim of facilitating the restructuring of local banks facing severe solvency and liquidity problems.
($=0.8111 euro)