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ÁÉB sells stake in DKG-EAST

Hungary's ÁÉB Bank Rt said on Monday it sold its full 18.06% stake in DKG-EAST, a maker of oil and gas industry equipment, on February 17, 2006. ÁÉB disclosed neither the buyer nor the purchase price.

 ÁÉB is 100% held by Russian businessman Megdet Rahimkulov and his family. DKG-East's other owners include Firthlion Limited, a UK-based company which is also held by the Rahimkulov family, with 10%, Hungarian Investment and Property Manager (12.8%) and the local councils of Nagykanizsa and Fonyód (6.3%). Private individuals and employees hold the remaining shares. In November 2005, DKG-East president-CEO Károly Máde said the company expected profits of $600,000-$800,000 on revenue of $26 million-28 million in 2006. The company had profit of $250,000 on sales of $23 million in 2005, according to November projections.