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State acquires another 21% in spa company Terme Olimia

Ljubljana, 19 July (STA) - Slovenian Sovereign Holding (SSH) has acquired a 20.9% stake in the spa operator Terme Olimia from NKBM bank, increasing the state's interest to over 77%, and will publish a takeover bid for remaining shares.

SSH announced on Friday it had signed the share purchase deal with NKBM this month, but did not disclose the value of the transaction.

Since the acquisition means that the state and affiliated shareholders will exceed an additional takeover threshold, SSH said it would publish a takeover bid for the remaining shares on behalf of the state.

NKBM, Slovenia's second largest bank, which was privatised in 2016 and is owned by the US fund Apollo and the EBRD, started selling the stake in Terme Olimia in 2017 before suspending the process.

The state indirectly controls roughly 57% in Terme Olimia through the Pension Fund Management (around 25%), Slovenian railway operator (around 24%), and Bank Assets Management Company and SSH (each around 4%).

The latest acquisition is part of the government's plan to consolidate ownership in tourism and hotel companies under one roof, to be incorporated under the name State Hospitality Fund.

Economy Minister Zdravko Počivalšek served as CEO of Terme Olimia before his first appointment as minister in December 2014.

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