VCP completes disposal of BorsodChem stake for Euro357m

06 October 2004 18:03  [Source: ICIS news]

LONDON (CNI)--Austrian venture capital firm Vienna Capital Partners (VCP) on Wednesday completed the disposed of most of its shareholding in Hungarian petrochemicals company BorsodChem, collecting in the process a total of Forint 88bn (Euro357m/$443m).


VCP announced in September that it intended to sell off the greater part of its 91% holding in BorsdoChem through an international secondary offering, consisting of ordinary shares offered on the Warsaw stock exchange plus global depositary receipts offered on overseas exchanges.


The firm has now sold to the public markets a total of 47.7m of these shares, representing 63% of BorsodChem's issued share capital, at an offer price of Forint 1850 per share.


The sale puts BorsodChem's total market capitalisation at Forint 141bn. The company said no individual purchaser has acquired a holding above 5% of the total share capital. 

By: Peter Mitchell
+44 20 8652 3214

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