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Zalakerámia sells property subsidiary

Hungarian tile maker Zalakerámia Rt said yesterday that it sold its wholly owned subsidiary, property developer and manager Keramialand Kft on July 27. Zalakerámia said the sale's value equaled 6.56% of its unconsolidated net assets at the end of 2004, or Ft 689 million based on Econews calculations. Zalakerámia is majority owned by Lasselsberger Ceramics of Austria. Lasselsberger raised its stake in Zalakerámia from 89.8% to 93.6% in a public purchase offer announced July 4, and recently announced it will utilize its option for the purchase of all remaining shares. (Econews; NG 7)