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econet.hu divests e-billing subsidiary

Publicly traded econet.hu Rt has divested EBPP.hu Rt,
a subsidiary established to develop and launch an electronic
billing presentation and payment system in
Hungary, CEO Csaba Balázs said according to business daily Napi Gazdaság. The company, which has a book value of Ft 300 million, was sold to Öresund
Holding Kft for Ft 450 million, with a further Ft 200 million
to be paid by the buyer if the new acquisition
becomes profitable. Econet.hu remains in charge of
development of the product, as well as its launch in the
fall and subsequent operation, expecting the number of
customers to reach 10,000 by the end of the year.
Initially a highly promising enterprise, EBPP.hu later
proved too risky for econet.hu, Balázs added.