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Trading on Est Media shares resumed after one-hour suspension

The Budapest Stock Exchange (BSE) has resumed trade on Est Media shares following a suspension of exchange on the shares between 12:30 p.m. and 1:30 p.m. on Tuesday after the company's shares fluctuated to the 15% limit prescribed in BSE regulations.

It was suspended temporarily for the second consecutive day for maximum fluctuation. The BSE broadened the maximum band of fluctuation on Est Media shares following their one-hour suspension on Monday.

The BSE said it would expand the maximum fluctuation of Est Media's shares to 30% for the remainder of Tuesday trade. Est Media's share value, which declined 19.15% to HUF 36 on Monday, rebounded by the maximum 15% on Tuesday morning.

Est Media's share value declined sharply following the Monday announcement that the company had sold its 25% stake in commercial radio-station Neo FM operator FM1 Zrt to majority owner FM1 Friends Kft for HUF 120 million. The company said that the Est Media group's previously expected 2011 consolidated revenue of between HUF 8.5 billion and HUF 10 billion would decline by about HUF 1.5 billion as a result of the transaction.

Est Media, which was known as until earlier this year, was trading at HUF 42, up 16.67%, on a turnover of HUF 123 million at 1:45 p.m.