Eastbrokers' largest holder raises stake
ROCKVILLE, Md., Feb 11 (Reuters) - Financial services firm Eastbrokers International Inc. on Thursday said its largest shareholder, Wolfgang M. Kossner, has raised his stake in the financial services firm to 33 percent.
Kossner, through his Austrian financial conglomerate, General Partners AG, bought 526,884 shares, raising the number of shares he owns to 1,736,523 shares.
He is vice chairman of Eastbrokers and responsible for the company's European operations, the company said.
Kossner bought the stock in a private transaction from Peter Schmid, Eastbrokers' former chairman and chief executive, for about $15 per share, the company said.
It is the third time in the past two years that Kossner has raised his stake.
''In my opinion, the true value of Eastbrokers International has not developed, as the company has yet to fully integrate its assets in the U.S. and Europe,'' Kossner said. ''However, I fully expect in 1999 that the company will do so. We have a tremendous amount of new developments which will propel the company to the next level.''
Eastbrokers International operates a highly diversified international investment banking and securities network, including EBI Securities Corp. in the United States.
In Europe, Eastbrokers operates WMP Bank AG, an Austrian bank and brokerage company, in which the company maintains a majority interest, and it owns an Austrian real estate development company.
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