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State ownership in Richter rises to 31.33%

The Government Debt Management Agency (ÁKK) owns a 6.13% share in drug company Richter, the company announced on Wednesday.

The ÁKK’s stake together with the Hungarian State Holding Company’s (MNV) 25.2% share in Richter brings the state’s stake in the company to 31.33%.

Hungarian capital-market regulations require interests owning more than a 33% stake in a company to make a public purchase offer for the all company shares unless the stake was acquired through legal succession rather than purchase.

ÁKK’s holding is related to the transfer of private pension funds’ assets after former members to state-owned Pension Reform and Debt Reduction Fund earlier this year.

ÁKK has been designated to the manage the assets of Fund which held 4.94% of Richter shares on September 30, 2011, Richter said in its unaudited nine-month report.

The gap between the holdings in the two reports may arise from the fact that the Fund acquired shares not only directly but also indirectly in the assets transfer, in the form of investment units of investment funds which had invested part of their capital into shares, among them Richter shares.