State-owned Hungarian holding firm Forras has sold minority stakes in three sugar firms to German sugar company Nordzucker.

Nordzucker acquired the stakes for 70% of face value, a total of just over HUF2.5bn (US$11.3m).

With the transactions, Nordzucker raises its stake in Szolnoki and Matrai Cukorgyar to 95% each and increases its stake in Szerencsi Cukorgyar to 93%, reported Interfax Hungary.