June 12, 2020 / 6:57 AM / a month ago

UPDATE 1-Denmark plans $1.5 bln fund for coronavirus-hit companies

(Adds Finance Ministry comment)

COPENHAGEN, June 12 (Reuters) - The Danish government plans to create a 10 billion Danish crown ($1.52 billion) fund to support companies hit by the coronavirus crisis, it said on Friday.

Companies with annual revenue over 500 million crowns are eligible, the finance ministry said, and Finance Minister Nicolai Wammen said around 200 - none of which he named - would qualify.

The ministry said financial institutions and publicly owned companies would be excluded, and newspaper Borsen quoted Wammen as saying airline SAS, part-owned by the Danish and Swedish states, would not be on the list either.

Wammen said the fund could exceed 10 billion crowns if needed. Financing for it may be shared between the government and institutional investors, which will take non-voting stakes in companies that draw on it.

The minority Social Democratic government will need support from other parties in parliament the proposal to become law.

$1=6.5972 Danish crowns Reporting by Jacob Gronholt-Pedersen and Stine Jacobsen; Editing by Clarence Fernandez and John Stonestreet

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