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Single bidder makes offer for Zsolnay stake

A Hungarian-owned project company has submitted the only bid for a 49% stake in the city of Pécs's Zsolnay Porcelain Factory, local daily Új Dunántúli Napló reported on Tuesday.

The offer is being evaluated, Pécs deputy mayor Csaba Nagy told the paper. The buyer of the stake would have to promise to inject HUF 500 million into the company by the end of March 2011. The buyer must also commit to continue making and distributing all of the factory's traditional products.

The local council has 30 days to complete the evaluation of the bid. An earlier tender for the stake was declared unsuccessful in July 2009.

Zsolnay had an operating loss of HUF 135 million on revenue of HUF 840 million in 2009. Revenue slipped from HUF 1.06 billion in 2008. (MTI-Econews)