Skoda sale

1 January 2003

The Czech cabinet has approved the sale of the government's 48.4% stake in Skoda Holding (held by the Czech Consolidation Agency, CKA) to Appian Machinery. The CZK350 million ($11.5 million) purchase price includes assets worth CZK4.5 billion ($148 million).

Appian Machinery aims to acquire the remaining stake in Skoda Holding and other assets, including buildings. This would bring the total price to CZK800 million ($26.3 million).

Czech finance minister Bohuslav Sobotka said: "The price is in line with the situation of the holding, and was not the only criterion we used to select the acquirer of the shares. Our prime concern was to guarantee the company's prospects." Appian Machinery is a subsidiary of the US-based Appian Group, which already owns mining firm Mostecka Uhelna, engineering firm Krusnohorske Strojirny, and four heat plants in the Czech Republic.

Formed in April 2000, Skoda Holding was established as part of the restructuring of Skoda.

Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.