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Kovács sells stake in Skoglund to own company

Businessman Gábor Kovács has sold a 21.7% stake in business consultancy and investment company Skoglund Rt, listed in the Budapest Stock Exchange's B category, to his holding company Bankár Holding Rt for 105% of the shares' nominal value, or Ft 2.1 billion, according to an announcement on the bourse's website.

On March 22, Skoglund merged with Sasad Rt, another, far bigger real estate company. The merger will serve as a backdoor listing for Sasad, market players said at the time. In the merger, former Sasad shareholders received two Skoglund shares for one Sasad share or a total of 8.8 million new Skoglund shares worth a nominal Ft 1,000 apiece. At the same time, Skoglund shareholders holding shares with a combined nominal value of Ft 110 million opted to leave the company and their shares were invalidated. Skoglund will float the new shares within 90 days from March 22, after the publication of an information memorandum approved by the State Financial Supervisory Authority (PSzÁF) and the stock exchange. For a time, two types of shares in the company will be traded on the bourse, the new ones paying a dividend only for a small part of 2005.