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Hungaryʼs Altera to continue as AutoWallis

Following a special meeting to decide on a new name reflecting its automotive profile and that it belonging to the Wallis Group, Altera Nyrt., the seventh largest firm on the Budapest Stock Exchange (BÉT), will be known from now on as AutoWallis Nyrt., according to a press release sent to the Budapest Business Journal.

Gábor Székely, elected investment head at AutoWallis

The transformation took place following an earlier HUF 15.8 billion capital raise, which resulted in the company acquiring Wallisʼs four car dealership and service-providing company groups. These groups are Wallis Automotive Europe, Wallis Motor Pest, Wallis Motor Duna, and Wallis Autókölcsönző (Wallis Car Rental). Brands represented by the group include BMW cars and motorcycles, Mini, Isuzu, Jaguar, Land Rover, Maserati, SsangYong, and Sixt rent-a-car.

Gábor Székely, AutoWallisʼs investment director, noted that with the transformation, the company becomes the seventh largest (based on revenue) on the BÉT, despite only being created recently. He added that the company wants to extend its activities by acquiring new brands and markets, stressing the importance of opportunities in the e-vehicle field. The investment director also confirmed that the companyʼs aim is to enter the "Premium" category on the BÉT, as well as gaining inclusion in the BUX and CECE indexes.

Shareholders at the meeting also elected AutoWallisʼs new board members, oversight committee, and auditors, while changing the ground rules and headquarters. The new members of the board are Andrew Prest, head of Wallis Automotive Europe; Péter Antal, head of Wallis Motor Duna and Wallis Motor Pest; Wallis Group CEO Zsolt Müllner; and AutoWallis investment director Gábor Székely. The new members of the oversight and audit committee are Attila Chikán Jr., György Ecseri, and Gábor Vitán.

Shareholders also decided to decrease the value of shares to one-eighth of the current value, to HUF 12.5. The number of shares will change proportionally, increasing eightfold. The company expects trading in its shares to intensify as a result of the decision.