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State printing company to enter bourse

Hungary's State Printing Company, which was founded in 1851 and today prints items like plastic security and identification cards and business forms, plans to sell shares on the Budapest Stock Exchange (BÉT) to help finance expansion. Budapest-based State Printing Company, or Állami Nyomda, which set up units in Romania, Bulgaria, Russia and Slovakia this year and last, joins the 40-member group of companies planning to list on the Budapest bourse, the companies said in a joint statement on the website of the stock exchange. Hungary's benchmark BUX has surged 52% this year on optimism economic growth will lift corporate earnings. Growth in the country's $100 bln economy accelerated in the second quarter to an annual 4%, the government said August 30. Powerful growth plans of the printing company require significant funds, György Gyergyák, chief executive at Állami Nyomda, said in the statement. The resource planning system and the transparency of operations at Állami Nyomda already meets requirements set for listed companies, he added. The printing house had a net income of Ft 1.34 bln ($6.4 million) on sales of Ft 11.5 bln last year, the
company said.