Hungary's Pécs Sells Zsolnay To New Investor
- 18 Feb 2013 8:00 AM
The city of Pécs has sold its 74.5% stake in porcelain manufacturer Zsolnay to Swiss investor Bachar Najari for Ft 180 million, it was announced on Friday. Najari, a dealer in luxury watches who obtained a degree in Budapest in the 1980s, will pay the purchase price within five days. He agreed to invest a further Ft 500 million in Zsolnay by October 2014.
The state transferred ownership of Zsolnay and its Ft 5 billion of debt to Pécs in 2005 at no charge.
The city sold 49% of the shares to a company owned by property investor Gellért Jászai in 2010, who in turn sold his stake to construction company Közgép, owned by former Fidesz MP Lajos Simicska. Közgép gave the stake back to the city last summer at no cost.
Zsolnay lost Ft 282 million on revenue of Ft 840 million in 2011. Last year’s figures will probably show losses of Ft 270 million on revenue of Ft 602 million, Napi Gazdaság writes.
Source: Hungary Around the Clock
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