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CIG Pannonia share offer raises almost HUF 11 bln

Sales of shares of CIG Pannonia life insurance came to just under HUF 11 billion in a subscription closed on October 25, the company told MTI. CIG sold 12,537,781 shares in the subscription, 97.9% of the offer.

Small investors subscribed all 10,850,000 of the newly issued shares and existing shareholders sold 1,687,781 shares. CIG said 7,778,083 of the shares were sold for HUF 938 apiece and 4,759,698 of the shares went for HUF 750, a discounted price offered to policy holders.

Total sales generated about HUF 10.9 billion, Econews calculated. As nearly all of the shares offered were subscribed by small investors, an auction for large investors was not held as planned. (MTI - Econews)