Central European Gas Terminal (KEG) listed its feed unit Visonka on the Budapest Stock Exchange to get capital for developments independently of banks, KEG CEO Richard Pimper said at a press conference on Thursday, a day after Visonka shares started trading.
Banks today don't like to finance agribusinesses, but a listing gives Visonka a source of supplemental capital for developments, said board member Zsolt Gerlei. Visonka does not have any concrete development goals at the moment, he added.
KEG has a long-term strategy for Visonka which is why it does not want to sell any more than 30% of Visonka shares in the next half year, Pimper said.
Visonka floated 1,960,000 shares with a face value of HUF 250 apiece on the bourse on Wednesday. The total nominal value of Visonka's shares comes to HUF 490 million. The shares traded at HUF 1,000 early Thursday.
Visonka makes chicken feed, turning out 36,000 tons of mix last year.
The company had revenue of HUF 2.3 billion in 2010 and expects to close 2011 without about the same or a little more, Pimper said.