Are you sure?

Pick Szeged announces HUF 2.9 bln capital raise

Salami maker Pick Szeged announced Wednesday that at its May 21 general meeting it decided to raise the companyʼs registered capital by HUF 2.908 billion to HUF 11.515 bln through the issue of new ordinary shares, according to a report by Hungarian news agency MTI.

Image by tviolet /

Pick Szeged is 99.99% owned by agribusiness Bonafarm Group which in turn is controlled by food industry magnate Sándor Csányi, who is also the chief executive of OTP Bank, Hungaryʼs biggest commercial lender.

The company had revenue of HUF 67.3 bln last year, up 6.5% from 2018, consolidated figures on the Justice Ministryʼs register show. Exports rose 8.9% to HUF 17.9 bln. After-tax profit dropped 14.4% to HUF 4.3 bln.

Total assets rose 90.2% in twelve months to HUF 71.5 bln at the end of 2019. Shareholdersʼ equity was up 16.4% to HUF 31.5 bln.

Pick Szeged floated ten-year bonds at a face value of HUF 27 bln, paying a fix 2% annual interest on the Xbond market of the Budapest Stock Exchange on June 2. The bonds were issued in the framework of the National Bank of Hungaryʼs (MNB) Bond Funding for Growth Scheme (BGS) in December 2019. The MNB bought HUF 13.5 bln of the bonds at the primary issue and a further HUF 4.25 bln on the secondary market.

Pick Szeged has been assigned BB- issuer and unsecured debt ratings by Scope Ratings.