Are you sure?

State holding in Magyar Telekom rises to 5.08%

The state stake held in Magyar Telekom by state-owned Pension Reform and Debt Reduction Fund has risen to 52,987,673, corresponding to 5.0816% of voting rights, the company announced on the website of the Budapest Stock Exchange late on Tuesday.

The stake held by the fund surpassed the 5% limit requiring an announcement on November 7.

The announcement did not specify the number of shares the state fund held prior the current transaction except that they had been below the 5% limit, and had been acquired as part of the private pension fund portfolio transferred to fund as the assets of former private pension fund members returning to the state pension system early this year.

The current share purchase was a spot transaction and happened in line of the Pension Reform Act which authorizes the Pension Reform and Debt Reduction Fund to carry out transactions in order to protect the value of its assets and to manage and reduce risks.