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Rahimkulov raises stake in BorsodChem to 25.16%

Megdet Rahimkulov, the head of ÁÉB Bank Rt and reportedly Hungary's richest man, has raised his direct and indirect stake in chemicals company BorsodChem Rt to 25.16% with the purchase on May 24 and 25 of more than 806,000 shares on and off the stock exchange at an average price of Ft 2,271 per share, according to an announcement in capital markets gazette Magyar Tőkepiac.

The purchases were made by Rahimkulov's company, UK-based Firthlion, raising its direct stake in BorsodChem to 22.69%.
Rahimkulov is the largest shareholder in BorsodChem, ahead of Austria's VCP Industries, which holds 21.52%, according to the company's ownership structure at the end of March.
In September 2005, Rahimkulov said he planned to buy a 15%-16% stake in BorsodChem, then later sell the shares at a 50% profit.