Budapest sells 3 further assets

Deals

After selling a 9.92% stake in the Kempinski Hotel, Budapest Municipality now has only three major portfolio assets sales left for this year, Csaba Gál, director of Budapest Capital Asset Management Center Zrt told daily Napi Gazdaság.

The Kempinski stake was bought by Kempinski itself, at Ft 810 million, a price much higher than expected, the nominal value being Ft 258 million. There were two other bidders, with a Ft 500 million offer each, and the hotel did not wan to risk losing, said Gál. Now a 52 % stake of a Ft 57.2 million nominal value in gas meter manufacturing and validating company Flogiston Kft is offered for sale, tenders can be submitted until November 7.

The majority owners, Germany’s Actaris Metering System and gas distributor Főgáz Zrt, have purchase options. There are negotiations in process on the sale of water-analysis firm Vikuv Vízkutató és Területhasznosító Kft, Budapest hopes to get Ft 200 million for it. The biggest transaction might be the sale of 10+% stake in Elmü Nyrt. Budapest planned to sell shares worth Ft 30 billion in 2007, so far as little as 13 % of this goal was reached, shows data from the Municipality’s budget department. (NG 2)

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