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Phylaxia 1912 Holding reduces stake in bottled gas company KEG under 75%

Bottled gas company KEG Central European LPG Terminal said its main owner Phylaxia 1912 Holding sold 100,000 KEG shares on the Budapest Stock Exchange on October 15, reducing its stake in the company to below 75%.

The sale cut the number of shares held by Phylaxia 1912 in KEG to 1,633,026, reducing its stake from 76.61% to 72.19%.

Phylaxia 1912's stake in KEG will actually fall to 59.92% when a recently completed private capital raise is registered by the court.

KEG completed a capital raise on September 24, which resulted in a HUF 185 million increase of its registered capital to HUF 1.09 billion. The 463,465 new shares, of HUF 400 nominal value each, were issued at HUF 600. Existing shareholders subscribed only 7,775 shares and the remaining new shares were subscribed by CAPI-TALL., Kirib Investments, Euro-General and private investor Roland Demeter, all investors who had underwritten the capital raise.

KEG's main activity is the storage and distribution of liquefied petroleum gas (LPG). Since 2004, it has also provided energy logistics services for partner companies. (MTI – Econews)