Hungary acquires 11.7% of Raba, 5.5% of PannErgy after pension assets transfer.

By bne IntelliNews June 14, 2011
Following the transfer of the private pension funds assets to the state pillar, the Hungarian government acquired stakes, which are beyond the disclosure threshold, in automotive group Raba (11.7%) and geothermal energy company PannErgy (5.45%), MTI news agency reported. The stakes are estimated at around HUF 1.24bn (EUR 4.67mn) for Raba and HUF 993mn for PannErgy. After the state decided to nationalise the assets of the private pension funds last year, it allowed Hungarians to choose whether to remain in the pension funds or move to the state pillar by the end of January 2011. Around 3% of the private pension fund members decided to opt out of the change, while the assets of the rest should be transferred to the state by June 14.

Related Articles

Assets of Hungarys investment funds up 3.2% m/m in Feb 2013.

Hungary's investment funds had aggregate assets of HUF 3.657tn (EUR 11.98bn) as of end-February 2013, up by 3.2% m/m, MTI news agency reported citing data from the association of investment funds ... more

Hungary's number of employees down 0.6% y/y in Jan 2013.

The number of employees in Hungary's public and private sectors fell for the tenth straight month in January 2013 declining by 0.6% y/y to 2.574mn, the statistics office informed. The decline ... more

Hungarys MVM clears deal for purchasing E.ONs local units.

The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar ... more

Dismiss