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TVK finishes winding up Chemopetrol

Chemicals company TVK Rt said on Thursday that it had completed winding up its 66.66% subsidiary Chemopetrol, and the unit was removed from the Company Registry on October 17. The move will not have any significant impact on TVK's profits, the company said.
TVK announced in May that it had started winding up Chemopetrol, because the unit's functions could be more efficiently performed if incorporated in the parent company. Chemopetrol had registered capital of Ft 30 million. TVK had IFRS consolidated net profit of Ft 6.89 billion on sales of Ft 113.92 billion in the first half of 2005. Profits rose 62% and sales rose 30% from a year before. Net assets stood at Ft 118.31 billion at the end of June.
TVK is majority owned by Hungarian oil and gas group Mol, with Mol holding 44.7%, and Mol's Slovakian unit Slovnaft holding 8.8%. CE Oil and Gas, a member of the Vienna Capital Partners group, holds 31.39% of the shares.