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Indotek boosts stake in Waberer's, transfers call options

Deals

Trevelin Holding, a unit of Hungarian property developer Indotek, has exercised a call option for 6.99% of the shares of listed road haulage company Waberer's International and transferred its call options for a combined 41% of Waberer's shares, a disclosure posted on the website of the Budapest Stock Exchange shows.

In October, Mid Europa Partners agreed to sell a 24% stake in Waberer's to Trevelin and granted it a call option over its remaining 47.99% stake in the company, according to a report by Hungarian news agency MTI. Indotek said at the time that it sees its stake in Waberer's as a "long-term strategic investment", but does not wish to acquire a controlling stake.

By exercising the call option for the 6.99% stake, Trevelin's holdings in Waberer's will rise to 30.99%.

Trevelin transferred a call option for 21% of Waberer's shares to MHB, owned by Ferenc Mike, and a call option for 20% to HIGH YIELD, owned by György Waberer.

Waberer is the former owner of the company that still bears his name.

The transactions are expected to close by the end of Q1 2021, pending regulatory approval.

Waberer's CEO Barna Erdélyi welcomed the new shareholder structure of the company in the disclosure.

"I'm convinced that – with the support of the new strategic, professional and financial investors – we will be able to continue the successful company restructuring project launched in spring 2020 and - as one of the leading logistics services providers in Hungary and Europe - serve our customers at the highest level," he said.

Waberer's has booked losses for several quarters, but its management has voiced a commitment to turning the business around.

Waberer's shares started trading on the Budapest Stock Exchange on July 6, 2017, with an opening price of HUF 5,151. The share closed at HUF 1,230 on Monday.

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