Masterplast Raises HUF 9.2 bln With Share Issue

Figures

Listed building materials maker Masterplast raised HUF 9.2 billion in a share issue ending on October 14, the company said on Tuesday, according to a report by state news wire MTI.

Offers for the shares came close to HUF 10.7 bln.

Institutional investors subscribed 1,694,682 shares in the offer and retail investors 554,670 shares.

Masterplast had planned to raise HUF 8 bln-10 bln with the issue to fund expansion plans.

When the offer was announced, Chairman Dávid Tibor said Masterplast would use the fresh capital to build a mineral wool plant and a fiberglass factory.

The mineral wool plant, planned in Sremska Mitrovica, Serbia, would be funded in part by a Hungarian government grant for expansion abroad by local companies, he said. A decision on the grant money is expected by year-end, he added.

The fiberglass factory is in the "preliminary planning" stages, and a final decision on the investment could be taken if the share offering is successful, he said.

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