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Berenberg reduces stake in Pannonplast

Berenberg Bank, manager of an €19 million fund investing in Hungarian companies, reduced its stake in packaging maker Pannonplast Rt after the share price rose more than 75%. Berenberg sold its shares Jan. 31, the same day Pannonplast announced its first profit in five quarters. The German bank reduced its holding to 4.8% from 6.8%, Pannonplast said in a stock exchange statement today. Pannonplast has posted losses since 2002 as western European demand for products such as computer monitors and yogurt cups dropped. The company aims to break even this year after selling off most of its loss-making industrial plastics operations and its old headquarters in the suburbs of Budapest.