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Plotinus announces growth plans under new name

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Photo courtesy Budapest Stock Exchange

Listed holding company Plotinus on Wednesday unveiled plans for "significant growth" under the new name AKKO Invest. Plotinus made the announcement after shareholders approved the name change and took other important decisions at an extraordinary general meeting, state news agency MTI reported Wednesday.   

The changes were made after the investment company of György Ádámosi, earlier a stakeholder in listed companies Appeninn and Altera, acquired a stake in Plotinus.

"Following these changes, the investment holding company wants to expand its circle of investors and plans growth, an active presence on capital markets and the raising of capital," Plotinus said.

Data on the website of the Budapest Stock Exchange (BÉT), last refreshed on January 10, 2019, show that 93.53% of Plotinus shares are treasury shares, which do not confer voting rights. The remaining 6.47% of the shares are in free float. 

Plotinus shares closed at HUF 24,800 on Wednesday, up 161.1% in the year to date, MTI reported.

"The company is a holding/investment corporation, investing its money mostly through the money and capital markets but also opportunistically in the real economy," says a description of Plotinus on the BÉT website. "Its activity is marked by high risk taking, using significant leverage with the help of derivative instruments and bank credit. The aim is to achieve above-average return on equity in the long run. The time frame of the investments ranges from very long-term/activist approach to short-medium term optimization of investments."

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