BorsodChem sells Austrian subsidiary to VCP unit
Monday, December 12, 2005, 15:13
Chemicals company BorsodChem Rt announced on Monday that it had sold its wholly-owned Austrian unit, BC-Handelsgesellschaft mbH, to CE Oil and Gas Trading AG, which is majority-owned by BorsodChem's biggest stakeholder Vienna Capital Partners. BorsodChem did not disclose the price, but said that BC-Handels has been carrying out trade activities within the organizational structure of CETAG since April 1, 2004, based on a cooperation agreement between the two companies. BC-Handels has registered capital of 730,000.
CETAG is 80% owned by Vienna Capital Partners (VCP), which is BorsodChem's largest shareholder with a stake of 21.52%. Other shareholders with stakes exceeding 5% in BorsodChem are Firthlion Limited, a company owned by Russian businessman Rahimkulov and his family with 10.02% of shares, HSBC Bank with 7.72%, and FTIF Templeton Eastern Europe Fund with 5.12%.