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Fotexnet reduces registered capital to minimum

Fotexnet Kft, the online retailer of the Fotex group, has reduced its registered capital from Ft 47.3 million to Ft 3.03 million, slightly more than the required minimum for a company of its type, business weekly HVG reported. Fotexnet's had losses of Ft 83.3 million in 2004, more than double losses the year before. The company temporarily stopped operating in November 2004 because of problems delivering the products it sold, but will reopen probably late in July, according to Péter Porkoláb, the company's managing director.