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DM-KER raises HUF 1 bln in private placement

Telco

DM-KER, whose shares are registered on the Budapest Stock Exchangeʼs Xtend platform, on Thursday announced the close of a HUF 1 billion privately placed share issue, state news wire MTI reports.

The shares were subscribed by domestic institutional investors, the manager of the EU-supported Szechenyi venture capital fund, the National Stock Exchange Development Fund and "a few private individuals", DM-KER said in a disclosure on the bourseʼs website.

DM-KER registered its shares for inclusion on the Xtend platform, tailored to SMEs, earlier in December, and it said on Thursday that the shares would start trading in January, according to plan.

The shares in the private placement were subscribed at a price of HUF 3,500 per share.

DM-KER sells, rents and services construction and farm machinery. It is the exclusive importer and brand representative in Hungary for Bobcat, Doosan, and Arbos, among others.

DM-KER earlier told investors that it would use HUF 300 million-400 mln of the HUF 1 bln in fresh capital from the private placement to finance an expansion in Slovakia, HUF 300 mln-400 mln for agricultural acquisitions and HUF 200 mln to strengthen its capital position.

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