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AAA Auto Russian unit transfers 5% share of company to ROLF Group subsidiary

AAA Auto LLC, the Russian unit of Budapest Stock Exchange-listed, Amsterdam-based AAA Auto Group NV, has transferred a 5% share of the company to PANABEL Unlimited, a subsidiary of Russian automotive company ROLF Group, AAA Auto announced on Monday.

AAA Auto, which is a B-category issuer at the Budapest Stock Exchange, though ceased operations in Hungary in 2010, said that the transaction would facilitate closer cooperation between the company units with regard to the used-car business in Russia.