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Alteo raises capital by HUF 112 mln

Shareholders of Hungarian energy company Alteo approved a HUF 112 million capital raise through a private placement of new shares at face value at an extraordinary general meeting on Tuesday, the company said.

The raise will bring the company's registered capital to HUF 143.7 million.

Alteo said last Thursday that it wanted to float its shares on the bourse. Shareholders approved a proposal for the listing at a general meeting on September 6.

The new shares will be offered to existing shareholders - Hungarian-owned holding company Wallis Asset Management and Attila Chikán Jr - for subscription.

Alteo said earlier it would use the proceeds to increase the capital of its units Soproni Erőmű, Cívis-Biogáz Kft, Exim-Invest Biogáz and Hidrogáz.

Alteo's shares were listed on the category 'B' of the Budapest Stock Exchange on October 11. There has been no trade in the share to date.

Alteo broke even on revenue of HUF 1.17 billion in 2009. It had unconsolidated total assets of HUF 1.45 billion and net assets of about HUF 920 million at the end of 2009. Liabilities came to about HUF 450 million.

The company's main activities are energy trade and energy production, including both hydrocarbon- and renewable energy-fueled plants, but it wants to expand this scope to include energy services. It operates mainly in Hungary but aims to break onto other markets, first in Central and Eastern Europe. (MTI – Econews)