Swiss company pulls out of publisher
Monday, August 1, 2005, 11:49
Just a little more than a year after purchasing 49% of publisher Magyar Könyvklub Rt, Switzerland's V+R Holding has sold its stake to the publisher's majority owners for an unnamed price, the weekly HVG reported. V+R bought the stake in spring of 2004 and injected Ft 500 million into the company. Magyar Könyvklub closed the year with operating losses of Ft 1.55 billion and a pre-tax loss of Ft 935 million. Revenue was halved from 2003 to Ft 2.35 billion, according to HVG. The sale gives Student Vallalkozási Kft, a company owned by four Magyar Konyvklub board members, a 100% stake in the company.