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Dec 27, 2017 12:12 EEST
December 27 (SeeNews) - Slovenia's state holding company SDH said on Wednesday it has transferred equity stakes in three companies into state ownership free of charge.
SDH transferred 1,261,034 shares of Slovenia's largest reinsurer Sava Re, 147,493 shares of fuel retailer Petrol and 2,362,194 shares of drug maker Krka to the state on December 22, it said in a filing to the Ljubljana Stock Exchange.
Last week, Slovenia's government adopted a decree under which SDH must complete the transfers before the end of the year.
The transfers are being implemented in line with the amendments to the Slovene Compensation Fund Act adopted by the National Assembly in September.
This is the first stage of the transfer of equity stakes back to the state, the country's finance ministry said last week.
During the second phase - until December 31, 2020 - SDH must transfer the remaining strategic and important investments to the ownership of the state free of charge.
The aim of the transfer, the finance ministry explained, is to reduce SDH's exposures and to consolidate state ownership in strategic and significant investments.
The transfer of ownership of capital investments does not imply changes in governance, as this power remains with SDH.
SDH has the largest portfolio of state capital assets in Slovenia and manages the state’s ownership interests in 98 companies.
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