E-Star Alternative Plc. announced yesterday that one of its major institutional owner, OTP Fund Management, has cut its stake in the company below 10 per cent. Next step when announcement must be made is the 5 per cent threshold. OTP Fund Management had 10.84 per cent share in the company before. Our view: The news is negative as OTP Fund Management was one of the institutional investors that placed confidence in E-Star Alternative. Furthermore, OTP Fund Management was one of the two investors that bought shares at a price of HUF 4,000 per share from Mr Csaba Soós, CEO and co-founder of E-Star, when the company had serious liquidity issues in January. We won’t be surprised if the Fund kept on cutting its stake in EStar.