Hungary’s National Asset Management Company (MNV) on Monday called a tender to sell 85pc of Radar Holding’s shares for a minimum of HUF 465.5m (EUR 1.58m ).
The shares have a nominal value of HUF 255m.
The remaining 15pc of the company can be purchased by the employees at a discounted price as specified in the property law.
Radar Holding manufactures machines for the building industry and offers surface- treatment services. The company produced equipment for the Hungarian army until the mid-90′s.
The deadline to submit bids is May 13.
MNV in February declared the previous tender to sell Radar Holding invalid due to low bids.
Radar Holding net assets reached HUF 548m at the end of 2007.
According to preliminary data, Radar Holding generated revenue of HUF 500m in 2008 and closed the year HUF 6m in the red as a result of exchange-rate losses.