Prime ministerʼs son-in-law expands business rapidly
Listed property holding company Appeninn announced on Thursday that Konzum Private Equity Fund has sold all its shares in Appeninn to BDPST Ingatlanforgalmazó és Beruházó. Owners of both Appeninn and BDPST have close ties to Prime Minister Viktor Orbán.
István Tiborcz (left), pictured with Prime Minister Viktor Orbán
According to the announcement, cited by national news agency MTI, Konzum PE has sold BDPST a total of 9,755,567 Appeninn shares. The ownership share of Konzum PE in Appeninn will thus drop from 20.59% to 0%. The value of the transaction has not been disclosed.
In a joint press statement, Appeninn and Konzum said that in the future Konzum Group and BDPST Group will be cooperating in property investment, development and management. Appeninn Holding will be run by Konzum Group, which holds a 33.2% stake, while BDPST will nominate two new members to the board of directors of Appeninn.
István Tiborcz, the owner of BDPST, said the company is aiming to become the leader in the property development and management market, and the current deal has provided a good opportunity to diversify its operations.
Tiborcz is the son-in-law of Prime Minister Viktor Orbán, while Appeninn is controlled by the investor Lőrinc Mészáros, a close ally of Orbán and until this year the mayor of the premierʼs home village of Felcsút, in Fejér County west of the capital. Mészáros and his wife are also the sole investors of Konzum PE. Appeninn outlined in June ambitious growth plans for the next four years.
Gov't Awards Over HUF 20 bln of Home Solar Panel Subsidies
Bulgaria's Household Income, Spending Rise 20% in 2023
Baranya County Police Bust Phishing Gang
Spago Budapest Offering Unique Sunday Brunch Experience
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
