First Hungary Fund's stake in Nabi dropped
Wednesday, October 12, 2005, 11:14
The stake held by First Hungary Fund in Hungarian bus maker Nabi fell further, from 31.9% to 28.6%, the fund announced in Magyar Tőkepiac today. First Hungary Fund, the former majority owner of Nabi is
being wound up and it has started to distribute its Nabi shares to
its various shareholders in September. Some shares are expected to
be sold to strategic investors. Nabi reported losses of $11.2 mln in the first half of 2005, compared to losses of $4.3 mln in the same period a year earlier. First-half revenue from bus sales fell 6.2% yr/yr from a year
earlier to $145.5 mln, and overall revenue fell 1.54% yr/yr to $182.3mln.