CIG shareholders raise capital by Ft 1 billion

Deals

The shareholders of CIG Central European Insurance has raised the company's registered capital by Ft 1 billion to Ft 2 billion.

Hungarian investors, including former National Bank of Hungary governor Zsigmond Járai and ex-chairman-CEO of insurer Aviva Béla Horváth, established CIG Central European Insurance in 2008. The company started operations in May.

The subscription was carried out at 125% of nominal value. The new shares have been distributed among founding shareholders roughly according to the initial proportion of shares.

CIG spokesman Gábor Misura told business weekly HVG that the company plans to conduct another capital raise of about Ft 1 billion in 2008.

CIG plans to raise its registered capital to Ft 3.3 billion by the end of this year, partly to finance the foundation of a new non-life insurance company. (MTI – Econews)

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