Matáv Rt announced on Friday the increase of its direct stake in telco First Pest Telephone Company Rt (EPT) from 75.92% to 87%. The purchase price was not disclosed. Through its wholly-owned subsidiary Investel Rt, Matáv holds an additional 3.48%, bringing its total stake to 90.88%. EPT has registered capital of Ft 776.9 million. In 2001, the company had losses of Ft 215 million on revenue of more than Ft 1 billion.

Founded in 1992 by Matáv, Kontrax Rt, three local councils in Budapest and small investors, EPT was to expand the telephone network in three districts of Budapest. At the outset, Matáv owned 32.5% of the company.

(BBJ 29.vii.02)