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E-Star Gains for Best 3-Day Rally Since 2009 on Bond Plans
E-Star Alternativ Nyrt. (ESTAR), a Hungarian energy supplier, recorded the biggest three-day rally in more than three years after buying back more of its overdue bonds.
The shares rose 15 percent to 435 forint by the close in Budapest. The stock advanced 38 percent in the past three days, the biggest gain since the three days through May 25, 2009.
E-Star bought back notes which expired on Oct. 24, with a nominal value of 3.7 million forints ($17,000) at a gross rate of 35 percent, the company said in a statement to the Budapest Stock Exchange late yesterday. E-Star’s shares have rallied since the company said last week it will use payments received from the state to help buy back the overdue bonds.
“The question mark is whether remaining bondholders are willing to accept” the 35 percent of nominal value, Peter Szentirmai, a Budapest-based analyst at KBC Groep NV (KBC)’s broker unit, wrote in an e-mailed report.
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