|
EBRD
shares
in
ESM
after
company's
privatisation
Macedonian
Information
Agency
(Sep
17,
2004) (MIA)
- European
Bank
for
Reconstruction
and
Development
(EBRD)
will
acquire
part
of
the
shares
of
Macedonian
Power
Company
(ESM)
after
the
privatisation
of
this
company,
which
will
be
divided
in
two
associations
-
for
electricity
production
and
distribution,
and
transfer.
The
right
for
investment
in
the
transfer
part
is
acquired
with
the
allocation
of
Euro
45
million
to
the
Government
for
the
process
of
pre-privatisation
of
ESM.
However,
this
investment
will
not
provide
a
dominant
ownership
in
the
company,
but
as
stated
by
the
representative
of
the
Finance
Ministry,
Goran
Ancevski,
will
influence
the
increase
of
the
company's
rating
during
the
sale
and
upping
of
the
price.
The
means
will
be
withdrawn
in
seven
instalments,
and
should
be
used
in
a
24-month
period,
when
the
privatisation
process
is
to
be
completed.
The
draft-law
for
guaranty
of
the
payback
of
EBRD
funds
regulates
the
use
of
means,
while
their
withdrawal
is
conditioned
by
certain
obligations.
This
investment
can
obtain
a
treatment
of
a
credit,
which
the
state
will
pay
back
with
a
certain
interest,
if
it
withdraws
from
ESM
privatisation
process
from
unjustified
reasons.
The
means
will
also
be
refunded
if
they
are
not
used
in
the
pre-privatisation
process.
sks/ik/15:30/mia/MTnet/
###
©
2000
MIA
-
Macedonian
Information
Agency.
All
Rights
Reserved.
This
material
may
not
be
published,
broadcast,
rewritten
or
redistributed
in
any
form
except
with
the
prior
express
permission
of
Macedonian
Information
Agency.
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