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CSFB SEEKS PARTNERS FOR MALEV

 CSFB SEEKS PARTNERS FOR MALEV
 BUDAPEST, Hungary, Dec. 9 /PRNewswire/ -- The Steering Committee for


the privatization of MALEV Hungarian Airlines (MALEV) recently decided to approach potential strategic partners. The Steering Committee is composed of officials from the State Property Agency (SPA), the Ministry of Transportation and MALEV, and is chaired by Dr. Lajos Csepi, managing director of the SPA. The intention is to sell a significant minority stake to -- as well as to enter into a commercial agreement with -- a strategic partner or partners. The privatization process will also include the implementation of an Employee Stock Ownership Plan.
 The Steering Committee has authorized the London-based investment bank Credit Suisse First Boston (CSFB) to solicit interest from potential strategic partners. CSFB has prepared an information memorandum and will be seeking initial indications of interest sometime after the New Year.
 MALEV has had a profitable year to date. Profit for 1991 is expected to reach HUF 1.4 billion (US$18 million) despite the Gulf War and bordering Yugoslavian crisis. According to recently published data from International Air Transport Association (IATA), MALEV is the 12th on the list of most rapidly growing airlines in terms of sales. The latest strategic initiatives include the establishment of a charter company, Air Budapest, the introduction into services of three additional B737-300 aircraft and, most recently, the introduction of SKY CLUB, a new business class service.
 CSFB is European operating unit of CS First Boston, Inc., which also includes The First Boston Corporation in the Americas and CS First Boston Pacific in the Asia Pacific region.
 -0- 12/9/91
 /CONTACT: Harry Pinson of First Boston, 212-909-2146; or Ron Lubash of Credit Suisse First Boston Limited, 4471-322-4960; or Peter Karasz of MALEV Hungarian Airlines, 361-118-3785; or Laszlo Ember of Hungarian State Property Agency, 361-118-5044/ CO: MALEV Hungarian Airlines ST: IN: AIR SU:


TS-SH -- NY008 -- 0425 12/09/91 09:45 EST
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Publication:PR Newswire
Date:Dec 9, 1991
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