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New agenda for Pannonplast EGM

Benji Invest, the primary owner of plastic-parts company Pannonplast Nyrt with 13.17% of voting rights, has proposed new items to be placed on the agenda of the EGM set to convene on December 19, Pannonplast announced on the website of the Budapest Stock Exchange (BÉT) on Wednesday.

According to the new agenda, the EGM will authorize the board to raise capital, to approve the amended agenda of the board of supervisors and to elect members to the audit committee. The EGM was originally called in order to initiate the process of searching for partners to help Pannonplast's packaging unit, Pannunion Kft, increase its rate of expansion in Eastern Europe. In September, Pannonplast set up a Serbian subsidiary called Unionplast through Pannunion Kft. This green-field investment in production conforms to Pannonplast's regional expansion strategy. Setting up the unit will cost an initial Ft 355 million. Pannonplast targets revenue of Ft 400 million and EBITDA of Ft 70 million at the unit in its first year of operation.
Pannonplast's Q1-Q3 earnings improved markedly to Ft 1.06 billion from losses of Ft 237 million in the same period a year earlier, the company's report, prepared with International Financial Reporting Standards (IFRS), shows. Pannonplast had revenue of Ft 13.074 billion in Q1-Q3, 23.2% less than in the same period a year earlier.