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Crystalex: shareholder changes to improve Porcela Plus stock portfolio

26 February 1998: The change in the shareholder structure, which occurred last week at the Czech Republic“s Crystalex Novy Bor, has no influence on the control of Crystalex, a Porcela Plus spokespers…

26 February 1998: The change in the shareholder structure, which occurred last week at the Czech Republic“s Crystalex Novy Bor, has no influence on the control of Crystalex, a Porcela Plus spokesperson said recently. Responding to recent press reports on the change, the company said the goal of the change is simply to improve the stock portfolio within the Porcela Plus group. According to the press, Jupiter Holding, Ceske sklo and J.F. World Brokers became the new owners of Crystalex. The first two companies are part of the Porcela Plus group, which became the majority owner of Crystalex last year. The new owners paid Kc 436 per share, and according to reports, the privatisation of Crystalex is considered to have been a dubious transaction. Last year Porcela Plus paid Kc 296 million for the stake, which represents a price of Kc 436 per share. In 1995, the group offered Kc 800 million for a 42% stake in Crystalex.

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