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Fotex sets up subsidiary in Cyprus

Hungarian retailer and holding company Fotex has set up a wholly-owned
Cyprus-based subsidiary, called Upington Investments Limited, and transferred ownership of equities and assets worth Ft 4.5 billion to it, Fotex announced on the website of the Budapest Stock Exchange (BÉT) at the weekend. The announcement contained no further details about the transaction. The unit will be Fotex's third foreign business, in addition to ones in the Czech Republic and Poland, that Fotex includes in its consolidation. Fotex's end-of-September balance sheet, published in its unaudited nine-month report over the weekend, showed a 66.6% increase in goodwill amortization, reaching Ft 3.87 billion. The value of invested intangible assets dropped 15% to Ft 2.38 billion in the twelve months to September, while investments increased 7.1% to Ft 17.69 billion.