An auction of shares of Hungarian building materials manufacturer Masterplast yesterday attracted bids for almost three times the offer, the company told Hungarian news agency MTI.
Bids for 1.17 mln of the maximum 400,000 shares on offer were made by seven investment service providers. The average sale price was HUF 549 per share, almost 6% over the HUF 520 starting price.
The shares were offered by Masterplastʼs two biggest owners, Dávid Tibor and Balázs Ács, who called the auction to help the company achieve its targets, raise share turnover and boost the proportion of equity held by retail investors.
Payment of dividends is possible in the future, on the condition of Masterplastʼs stable, profitable operation, and depending on investments or acquisitions, the company said earlier.
Masterplastʼs after-tax profit fell 37% to €766,000 last year. Excluding a write-off related to an investment in Ukraine, after-tax profit would have reached €1.6 mln, Masterplast said. Revenue was flat at €81.6 mln.
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