ADVERTISEMENT

Generali Alapkezelő increases share in AutoWallis to over 3.5%

Deals

Generali Alapkezelő has further increased its share in AutoWallis following a record high first-quarter result, having assessed that the listed car company is implementing its previously announced strategy faster than expected, according to a press release sent to the Budapest Business Journal.

The asset management company now owns more than 3.5% of AutoWallis through the acquisition of nearly 8 million of the company’s own shares.

AutoWallis Plc. sold its own shares in a fixed deal on the stock exchange, thus reducing the treasury share of the company, listed in the Premium category of the Budapest Stock Exchange, to zero.

The transaction took place at a price of HUF 93, which is 12% higher than the HUF 83 of last December’s capital increase, during which Generali Alapkezelő had already purchased AutoWallis shares alongside two other institutional investors.

Regarding the transaction, Gábor Székely, chief investment officer of AutoWallis, said that it served the company’s announced strategy in several ways: on the one hand, it increases the free float of the shares, and on the other hand, the proceeds will be used to finance the company’s previously announced strategic goals.

The transaction will also increase the value of the company’s equity, enhancing AutoWallis’ opportunities to issue new bonds as planned within the Funding for Growth Scheme framework, according to the press release.

Regarding this share increase of the asset management company, Róbert Pallag, investment manager of Generali Alapkezelő Zrt., said that they were confident in the further significant value creation of the AutoWallis Group, as the implementation of the previously announced strategy was progressing faster than originally indicated, which was evidenced by the company's record high first quarter results this year, and they viewed their share as a long-term investment.

ADVERTISEMENT

MKIK: Local business tax should be maintained Analysis

MKIK: Local business tax should be maintained

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Capital sees urban exodus during pandemic City

Capital sees urban exodus during pandemic

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.