SCD to merge Balaton tourist units
Friday, February 17, 2006, 14:10
Property developer SCD Holding will merge its three Lake Balaton tourist units into a single company, called SCD Balaton Holding, pending approval by the State Privatization and Holding (ÁPV) Rt and local councils, business weekly HVG reported in Thursday issue. The measure is intended to boost efficiency at the companies, which SCD bought when they were privatized in 2004 and 2005. Under the purchase agreements, SCD must maintain a combined headcount of around 300 at the three companies. The merger will also help defining the market value of the company, as required by the unnamed bank financing the group, HVG reported. The three companies to be merged are Balatontourist, Siotour and Zalatour.