NordTelekom plans June capital raise to finance expansion in UK
Listed Hungarian telecom service provider NordTelekom plans a capital raise of at most HUF 200 million and sell a matching number of existing shares at a public share auction in the first half of June, the company said on the Budapest Stock Exchange website on Thursday. The capital raise is designed to finance NordTelekom's plan to offer telephone and internet services in the UK, with focus on the Hungarian community there. Besides, NordTelekom is in talks on cooperation with the Polish service provider Aiton Caldwell, a market leader in VOIP services in Poland, which plans to expand in Hungary. Nordtelekom's major shareholder will sell shares from its holding through a public auction on the bourse at a price between HUF 16 – HUF 20 per HUF 10 face value share. Then it will subscribe the same number of new shares than the number sold at the auction, but no more than 20 million, worth HUF 200m at nominal value, at the average auction price. It will undertake not to sell shares from its holding in the next two years.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.