AAA to enter bourse

Food

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)

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.