Press Releases

Budapest, August 30, 1999

Pursuant to an agreement between MATÁV and Hungária Biztosító (Hungária Insurance Company), the insurance company has acquired a controlling interest in MATÁVkábelTV Kft, the cable television company which, till now, has been held exclusively by MATÁV.

Following conclusion of the agreement, Hungária Biztosító holds 75% of the voting rights in MATÁVkábelTV Kft.

When making a decision on the mutually beneficial cooperation, the two parties were inspired by different goals, of course. MATÁV came to the decision with an aim to ensure that MATÁVkábelTV Kft. can continue to provide high standard services at favorable prices to all of its customers and expand its market, and that all these can be done by the company in full conformity with the current legislation.

Hungária Biztosító Rt. bought out the ownership interest in MATÁVkábelTV Kft. as a profitable financial investment.