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NordTelekom raises capital early June

Deals

Listed Hungarian telecom service provider NordTelekom plans a capital raise of at most HUF 200 million and sell a matching number of existing shares at a public share auction on June 10, 13:00 hours local time, the company said on the Budapest Stock Exchange website on Thursday. The company will sell at most 13m shares in a first come, first served procedure. The capital raise is designed to finance NordTelekom's plan to offer telephone and internet services in the UK, with focus on the Hungarian community there. Besides, NordTelekom is in talks on cooperation with the Polish service provider Aiton Caldwell, a market leader in VOIP services in Poland, which plans to expand in Hungary. Nordtelekom's major shareholder will sell shares from its holding through a public auction on the bourse at a price between HUF 16-20 per HUF 10 face value share. Then it will subscribe the same number of new shares than the number sold at the auction, but no more than 20 million, worth HUF 200 million at nominal value, at the average auction price. It will undertake not to sell shares from its holding in the next two years. NordTelekom's largest shareholder is Beltav, holding little more than 23 million or 61.95% of the shares, followed by Scandinavian EQT Invest, holding 10.62% and Nagy Lawyer's Office, holding 5.43%. The company had shareholders' equity of 467 million at the end of 2012, including HUF 373 million in registered capital.

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