Wallis to go public soon, with Altera raising capital
Wallis Groupʼs four auto-related companies are set to go public once the registry court process of Altera Nyrt.ʼs private capital raise is set in motion, resulting in Altera acquiring the four companies with a contribution of HUF 15.8 billion.
Wallis Group will become the seventh largest issuer on the Budapest Stock Exchange (BÉT) after the move. Wallisʼ main goal is supporting the growth of its companies with the move, according to a press release sent to the Budapest Business Journal.
Altera Nyrt. CEO Zoltán Prutkay said he expects the shares to appear on the BÉT in Q4 2018, once the legal, financial and other processes leading to the transformation of Altera are finalized.
Wallis Group Director Zsolt Müller emphasized that Wallisʼ appearance on the stock market is driven by the goal of utilizing all financing opportunities to ensure maximum growth for the largest Hungarian-owned auto industry group.
The process of registering the transfer of the vehicle, vehicle parts and vehicle rental businesses of Wallis to Altera has been launched, Altera said in a press release posted on the BÉT website Monday. The brands the businesses represent include BMW, Mini, Isuzu, Maserati, SsangYong, Jaguar, Land Rover and Sixt car rental, recalled state news agency MTI.
Altera shares closed at HUF 740 on Friday. The share price has risen 548% over the past twelve months, MTI noted.
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