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Bankár raises stake in Skoglund to 98.85%, invalidates outstanding shares

Bankár Holding Zrt raised its stake in property developer Skoglund Nyrt from 98.47% to 98.85%, Skoglund announced in Magyar Tőkepiac on Tuesday.

Bankár exercised its right to squeeze out remaining shareholders between October 9-20 after it raised its stake in Skoglund from 83.72% to 98.47% in a public purchase offer ended October 2. The shares not offered in the squeeze-out were declared invalid and new shares issued to replace them were bought by Bankár at the same Ft 1,810 per share which was the price in the squeeze-out and the preceding public offer. Holders of the invalidated shares will be entitled to this price, minus eventual costs.
The shares of Skoglund were delisted from the Budapest Stock Exchange (BÉT) on October 21. Skoglund has been listed in the Budapest Stock Exchange's 'B'-category since 2001. The company merged with Sasad Rt, a far bigger real estate company, in March. Skoglund had net assets of Ft 556 million and Sasad had net assets of Ft 10.2 billion at the end of 2005.
Bankár's owner, Gábor Kovács, with 99.96% of the company's shares, is the president of Skoglund's board.