AAA to enter bourse

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The AAA Auto company group will enter trading in the Prague and Budapest Stock Exchanges, said company director Anthony James Denny at a press conference in Budapest. 

The company group operating in 5 Central European countries is planning to release shares of €30 million to €40 million ($40.3 million-$53.8 million) at both bourses. The company founded in 1992 by the present director, has started operation in Hungary with a registered capital of Ft 190 million ($1 million) last year. Hungarian AAA Auto sold nearly 1,500 cars in 2006, and nearly 3,000 this year. Income figures reached €9.3 million ($12.5 million) in 2006, and approximately the same amount in the Q1 of 2007. The group's consolidated income was €348;000 ($4680000) in 2006, a 22% increase compared to 2005. Dynamic expansion demands capital, and as the group is planning to open its branch in the Ukraine, Bulgaria, and Serbia, they expect to finance this move through entering the stock exchanges in Prague, and Budapest. (Gazdasági Rádió, Napi Gazdaság)

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