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AutoWallis raises capital in subsidiary

The board of directors of listed company AutoWallis has increased the equity of its subsidiary, Wallis Automotive Europe (WAE) Kft. by HUF 400 million, says a statement published on the website of the Budapest Stock Exchange (BÉT).

The aim of the capital increase is to provide fiscal resources for the company’s planned market expansion and growth in its international distribution business. Easily accessible money will help the firm respond quickly to market opportunities, AutoWallis said.

The capital increase amounts to HUF 32.8 mln in core capital, while the remaining HUF 367.2 mln will be transferred to capital reserves.

AutoWallis is traded in the "Equities Standard" category of the Hungarian bourse.

State news agency MTI noted that WAE Kft. is AutoWallisʼs biggest revenue generator, operating in 14 countries.

AutoWallis reiterated plans to double last yearʼs revenue within five years, and said it will unveil a growth strategy on May 22, MTI added.