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Communist-era cult shoe maker up for sale

The State Privatization and Holding Rt (ÁPV) has invited bids for a state-owned majority stake in shoe manufacturer Tisza Cip? Rt. The new owner, which will be selected in a single-phase tender procedure, will also be responsible for repaying a Ft 35 million loan to ÁPV, the latter said in a statement posted on its website. The nominal value of the 99.37% stake is Ft 873.5 million. ÁPV will accept bids until April 6. Prospective buyers are required to pay Ft 10 million earnest money to demonstrate their serious intention.