Hungarian state-owned energy group MVM, which plans to develop a national mobile network, has won shareholder approval to raise US$275m via a Ft37.2bn (US$150m) capital increase and a €100m (US$125m) loan from the European Investment Bank (EIB).
It…
Hungarian state-owned energy group MVM, which plans to develop a national mobile network, has won shareholder approval to raise US$275m via a Ft37.2bn (US$150m) capital increase and a €100m (US$125m) loan from the European Investment Bank (EIB).
It was decided at a recent general assembly that MVM’s largest shareholder, Hungarian national asset manager MNV, would participate in the capital hike along with several small shareholders, according to a company statement.
It did not state how the proceeds of this transaction would be used.
The €100m EIB loan will go towards upgrading and extending Hungary’s electricity transmission network and reconstruct its underground gas storage facilities.
The general assembly also approved the implementation of a Ft12.8bn (US$51.6m) project to introduce mobile data services based on LTE technology. This involves building a nationwide network using 450 MHz spectrum, which MVM’s telecoms unit MVM Net signed a contract for in April.
