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Est Media chairman sells majority of company shares

Canongate Investments Asset Management, 98%-owned by Est Media chairman and CEO Csaba Balázs, sold 1,159,800 Est Media ordinary shares at an average price of HUF 48.61 on April 15 as part of settlement of losses of recently closed futures transactions, Est Media announced.

As a result, the number of shares owned by Canongate Investments fell from 1,409,800 to 250,000 and the company's holding in Est Media, known until earlier this year as econet.hu, declined from 2.06% to 0.36%. The transaction took place on the Budapest Stock Exchange with the involvement of MKB Bank as investment service provider.

The statement also said that the shareholding of DonaDome Kft in Est Media fell under 5% as a result of a share sale.

In a separate statement Est Media said that Zoltán Mester has resigned from his position on the company's board effective April 15.