March 16th, 2010

Five Hungarian companies buy into racehorse Overdose

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Life insurance company CIG Életbiztosító is one of five companies that have jointly purchased a 50% stake in Hungarian racehorse Overdose, it was announced Friday by former finance minister Zsigmond Járai, chairman of the company’s supervisory board.

The other four investors are real estate developer Euroinvest, oil company MOL, OTP Bank and construction company Közgép.

The five have a joint 50% stake in asset manager Overdose Vagyonkezelő, under a contract signed on Friday. Zoltán Mikóczy remains 50% owner of the horse.

The investors aim to have Overdose represent Hungary at races, regarding the horse as a symbol of Hungarian business success.

The purchase price was Ft 200 million, the investors revealed when asked, after a short consultation. The price was not a secret, but the new symbol is worth much more, Járai said.

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