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SCD Group, Arago Holding place Balaton tourism assets into holding company

SCD will put tourism company Balatontourist, airport operator Fly Balaton and projects under development on the lake into MTH. Arago Holding will contribute a 33% stake in Hunguest Hotels.

Assets in MTH's portfolio will account for about 10% of guest nights at commercial accommodations in Hungary, Jászai said. MTH could turn to the bourse to raise financing for developments, he added.

Jászai will own 75% of MTH and Arago Holding 25% after the transfers are made.

MTH has an option valid until the autumn of 2011 to acquire a further 66.5% of Hunguest Hotels.

Granicz said Arago had looked for an investment partner already at the beginning of last year. It considered companies from Russia, China and Switzerland before finally deciding on its old business partner SCD, he added. (MTI-Econews)