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Pannonplast sells third of its Synergon stake

Pannonplast Nyrt, a Hungarian maker of plastic packaging, is selling a third of its stake in computer services company Synergon Nyrt, valued at Ft 491 million based on yesterday's closing price.

The option to buy the stake, which consists of 463,000 shares, will last until October 5, 2009, Pannonplast said in a stock exchange statement today. Should all shares be purchased, Pannonplast's stake in Synergon will be cut to 8.7% from the current 13.5%.
Budapest-based Pannonplast is focusing on investments in companies in the region after demand for its packaging waned, forcing it to sell property and unprofitable units. The company bought its first stake in Synergon in May for an undisclosed sum and is planning to invest Ft 10 billion in the region over the next three years to enhance earnings.