4 June 1998: The Magyar Fejlesztesi Bank (MFB) censorship committee of Hungary has approved of the sales contract concluded with APV Rt, the state privatisation agency. Under the contract, control of …
4 June 1998: The Magyar Fejlesztesi Bank (MFB) censorship committee of Hungary has approved of the sales contract concluded with APV Rt, the state privatisation agency. Under the contract, control of the Salgotarjan-based St-Glass and SAC factories will pass to the bank as a result of a Ft 7 billion portfolio swap. MFB owns 110 factories at the moment, which employ nearly 110,000 workers. The bank has invested Ft 40 billion in the modernisation of these plants and collects a Ft 6-10 billion revenue from their sales annually.