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Vetrotex increases stake in Vertex

18 February 1999: The German company Vetrotex, which recently made the compulsory offer to minority shareholders of Vertex Litomysl to buy their shares, has increased its stake in Vertex to 99.1%.
Ac…

18 February 1999: The German company Vetrotex, which recently made the compulsory offer to minority shareholders of Vertex Litomysl to buy their shares, has increased its stake in Vertex to 99.1%. According to the Securities Centre, Vetrotex managed to buy nearly 0.5% of shares. Vetrotex, which is a subsidiary of France“s Saint-Gobain, bought shares for 3,075 crowns each. Vetrotex became Vertex“s majority owner on the basis of a contract signed last April with Komercni banka, IKS Komercni banky and SIS. The three at the close of last year transferred to Vetrotex more than 90% of Vertex shares previously in their hands, without the price being disclosed. Vertex has not yet published its 1998 results. In 1997, the company had a net of Kcs 180 million on revenues of Kcs 2.5 billion.

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