The most important business and finance news from Hungary – 7th week

See below main business and financial news from the previous week:

NEW HUNGARIAN OPPORTUNITIES IN SUDAN

The international sanctions against Sudan were in effect for exactly two decades – but now that they have been dissolved, the country became one of the most promising destinations in Africa. And this offers many new opportunities to Hungarian companies as well. Read more HERE.

S+P AFFIRMS HUNGARY ‘BBB-/A-3’ RATING; OUTLOOK ‘POSITIVE’

Standard and Poor’s Global Ratings on Friday affirmed Hungary’s ‘BBB-/A-3’ long- and short-term foreign and local currency sovereign credit ratings. The outlook on the ratings remained ‘positive’. “Hungary’s strong external profile and track record of fiscal restraint support the sovereign ratings,” S+P said.

COMPANY OF FORMER GE HEAD IN HUNGARY TO BUY LIGHTING BUSINESS

The company of the former head of the Hungarian unit of General Electric (GE), Joerg Bauer, agreed to buy GE’s lighting business in Europe, the Middle East, Africa and Turkey, as well as its global automotive lighting business, GE said. The sale includes GE’s five plants in Hungary, regional sales offices and other properties.

RICHTER Q4 PROFIT FALLS 70 PC; FINANCIAL LOSS, TAX PAYMENTS WEIGH

Hungarian drugmaker Gedeon Richter’s fourth-quarter net income fell by an annual 70 percent to 6.6 billion forints (EUR 21m), dragged lower by a financial loss and tax payments, an earnings report showed. Richter booked a 1.0 billion forints net financial loss in Q4, compared with a net financial gain of 9 billion in the base period.

CG POWER AND INDUSTRIAL SOLUTIONS TO PART WITH HUNGARIAN BUSINESS

India’s CG Power and Industrial Solutions agreed to sell its Hungarian business to Ganz Villamossági and Alester Holdings at an enterprise value of 38 million euros. The transaction, subject to regulatory approval, is expected to be closed by the end of March.

OPUS GLOBAL TO CONSOLIDATE MÉSZÁROS HOLDINGS

Listed holding company Opus Global announced plans to consolidate a number of the assets of its owner, the investor and Fidesz mayor Lőrinc Mészáros. Acquiring the stakes with the issue of new shares could lift Opus’s net assets by as much as 80 billion forints, the company said.