CZECH REPUBLIC: Klenos To Buy Out Lonka
Klenos, controlling 65.3 per cent of textile producer Lonka Pribor, began buying out Lonka shares from other shareholders, offering Kc48 for a share worth a nominal Kc1,000, Klenos board chairman Martin Zemek said today.The buy-out, conducted via the securities dealer Hanakbrokers, has been offered in line with rules set in the Commercial Code. Lonka shares were on November 9 traded at Kc71.10 per unit on the off-exchange RM-System.Klenos acquired its stake in Lonka Pribor, a leading Czech producer of socks, in late September by purchasing the firm Harynek. In the first nine months of the year Lonka grossed Kc5.468m on revenues of Kc131.569m. In 1999 it netted Kc2.039m on sales revenues worth Kc185.597m.Lonka has 412 staff and share capital of Kc104.543m.
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