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.
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