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Pannonplast buys 4.19% stake in Synergon

Plastics company Pannonplast Rt announced on Tuesday it has purchased a 4.19% stake in IT company Synergon Rt as a financial investment.

In line with its strategy, Pannonplast assessed the possibilities of investing in companies expanding in Central and Eastern Europe and found Synergon shows real growth potential in the region, Pannonplast said in its statement. Pannonplast has not yet decided whether to buy further shares, CFO Dénes Gyimóthy said. He declined to reveal the price of the transaction, but said it was made recently on the Budapest Stock Exchange (BÉT). Pannonplast's stake of 4.19% is a little more than 400,000 Synergon shares, which would have been worth about Ft 322 million on Tuesday. Gyimóthy noted that Pannonplast was under no obligation to announce the purchase (buyers are required to announce purchases only in excess of 5%) but said this make Pannonplast more transparent.
In separate news, Pannonplast also announced on Tuesday it set up a sales and customer support unit in Germany, called Pannunion Services, to serve the EU-15.