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AutoWallis increases capital at subsidiary

Holding company AutoWallis, listed in the Equities Prime category of the Budapest Stock Exchange (BÉT), has increased the capital of its subsidiary Wallis Motor Duna by nearly HUF 400 million in order to provide financing for the company’s growth plans.

The company says that it is planning for robust growth in the next decade, aiming to become a major mobility service provider in the CEE region, according to a press release sent to the Budapest Business Journal.

The board of directors of AutoWallis increased the capital of its exclusively owned subsidiary Wallis Motor Duna by HUF 386 mln. Wallis Motor Duna is one of the largest and longest-standing dealerships in Hungary, engaged in selling new BMW vehicles and used premium category cars. In February, the company opened its new unit, Wallis Prémium Használtautó Center.

AutoWallis plans on organic growth resulting in the quadrupling of EBITDA (earnings before interest, tax, depreciation and amortization) and the doubling of revenue, for the period until 2024. At the same time, the company is also planning acquisitions, which could further improve its performance.

Since the spring, AutoWallis has been included in the BUX and BUMIX indices, as well as in certain FTSE indices, and the securities of the corporation moved up to the Equities Prime category of the Budapest Stock Exchange on June 25.