Pannonplast reduces stake in Synergon, top performer in Index

Deals

Pannonplast Nyrt, a Hungarian maker of yoghurt pots and plastic packaging, cut its stake in computer services company Synergon Nyrt by selling shares worth about Ft 262 million ($1.36 million) on the market.

The company sold 200,000 shares, trimming its stake to 13.3% from 15.4%, Pannonplast said in a stock exchange statement late yesterday. Shares of Synergon were down 0.9% to 1,310 forint at 9:13 a.m. in Budapest. Pannonplast on November 2 reported a Q3 profit compared with a loss a year earlier after booking a Ft 300 million- gain on the revaluation of its stake in Synergon, the top performer in the benchmark BUX Index this year. Its shares have more than doubled as the computer company won new contracts. The packaging maker has an option agreement to sell Synergon shares until October 5, 2009, and is expected to lower its stake to 8.7%, the company said on October 10. (Bloomberg)

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