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Report: GE cuts holding in Moneta Money Bank

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Report: GE cuts holding in Moneta Money Bank

GEGroup sold 125 million shares of MONETA Money Bank a.s., equivalent to a 24.5% holding inthe bank's share capital, and lowered its stake to 18%, Hospodarske Noviny reported Sept. 30.

GE soldthe stake for 9.4 billion Czech koruny, or 75 koruny per share, the newspapernoted. Moneta shares had traded on the Prague Stock Exchange at 80.30 korunyapiece Sept. 29, the report noted.

GEsaid before Moneta Money Bank's May IPO that it would gradually its holding in the bank, butcommitted to a 180-day lockup that was due to elapse in November. The IPOprospectus, however, provided for an exception, under which GE could sell theshares earlier with the approval of a syndicate of investment banks thatcoordinated Moneta's offering, the report said.

As of Sept. 30, US$1 wasequivalent to 24.04 Czech koruny.