Est Media board member Csaba Balázs recently raised his potential indirect stake in the holding company to 7.02% from 3.49% through the conclusion of share futures transactions, the company announced on Monday evening.
Est Media was known as econet.hu until earlier this year.
Balázs holds 70 futures contracts with September 2011 delivery for 700,000 Est Media shares, and his stake will rise to 7.02% if the futures contracts end with the physical delivery of the shares.
Balázs raised his indirect stake in Est Media via two 98%-owned companies – Stirling Investmenets and Congate Investments.
Est Media, whose shares trade in the A-category at the Budapest Stock Exchange, lost 6.9% to HUF 54 on a higher-than-average turnover of HUF 469 million on Monday.