Central bank greenlights Alteo listing

Telco

The Hungarian subsidiary of Alteo group received approval from the National Bank of Hungary (MNB) to list shares on the Budapest Stock Exchange (BSE), and the offering is expected to take place during the fall, according to a press release issued today.

Alteo Energiaszolgáltató Nyrt., which offers smart management services, is planning to use the capital injection from listing its shares to invest HUF 10-14 billion in the upcoming years, the press statement said.  

“Beyond institutional investors for our public offerings, we also expect private investors to purchase our stocks,” Alteo CEO Attila Chikán Jr. said. “We have been planning to make this move for a long time, and the company has been ready for it for years, but now we believe that the economic environment is becoming beneficial for us,” Chikán said.

Consolidated revenue of Alteo was above HUF 10 bln last year, and its EBITDA was over HUF 1.4 bln, while the net result of the company in the first quarter of the year came to HUF 538 million and its EBITDA in the period to HUF 917 mln, the company said. The company added that last year it paid a total of HUF 200 mln in dividends.

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