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econet.hu raises capital by HUF 1.2bn to boost Sziget stake

Media and asset management company econet.hu on Wednesday said it completed a HUF 1.2 billion capital raise to increase its stake in festival organiser Sziget to 51%.

econet.hu issued 1 million new shares which were subscribed in equal part by DonaDome and Hejja at a price of HUF 120 per share.

As a result of the transaction, econet.hu expects consolidated revenue to more than double in 2011 - depending on advertising market performance - to HUF 8.5-10 billion. Group-level operating profit is set to climb over HUF 500 million, the company said. (MTI-ECONEWS)