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BorsodChem EGM approves share purchase

Shareholders of Hungarian chemicals company BorsodChem Rt authorized the board of directors at the EGM on Friday to purchase BorsodChem shares up to 10% of registered capital for Ft 2,000-2,800 by April 2007. The shares will be used for an employee incentive program and to maintain the company's share price, the board said. Shareholders also appointed Timur Rahimkulov to the board at the request of Firthlion, a company owned by Megdet Rahimkulov, who heads ÁÉB Bank Rt. Mr. Rahimkulov replaces Ferenc Márton, ÁÉB Bank's previous appointment to board. Mr. Márton resigned because of other business engagements, BorsodChem said earlier. (MTI-ECONEWS)