MFB injects Ft 3.2 bln in Európai Építő
Friday, February 17, 2006, 13:21
The Hungarian Development Bank (MFB) Rt announced on Wednesday it has acquired a 49% stake in construction company Európai Építő through a Ft 3.2 billion capital raise. Minister of Economy and Transport János Kóka, speaking at the press conference to announce the capital raise, said the measure showed MFB could help companies with more than just loans. He added that the raise was part of planned measures intended to break the “chain of debt” currently being experienced by building industry companies. Európai Építő is also owned by Hungarian private individuals, employees and the local council of Budapest's District 5. It had revenue of Ft 8.3 billion and pre-tax profit of Ft 80 million-Ft 100 million in 2005, according to preliminary consolidated figures.