ORW Hungaria Kft., a company representing the management of Hungarian bus company Orangeways, has acquired a 90pc stake in Orangeways from previous majority owner Ferenc Kedves, the bus company informed MTI on Tuesday morning.
Minority owner Miklos Kovacs has retained his 10pc stake in Orangeways, the company announced.
The company did not reveal the price but said that Mr Kedves as a financial investor realised the significant increase in the value of the company since it was established in 2007 through the transaction.
Orangeways generated profit on revenue of HUF 750m in the first half of 2010, the company noted.
In 2009 Orangeways yet recorded losses of HUF 253m on revenue of HUF 1.148bn, including HUF 503m revenue from domestic operations. Losses fell from HUF 391m in 2008 when revenues totalled just HUF 321m.
Net assets of Orangeways stood at HUF 51.6bn at the end of 2009, data from the company register show.
The company operates 79 buses carrying passengers to 50 cities in Europe as well as locations inside Hungary.