The State Financial Supervisory Authority (PSzÁF) announced on Tuesday it approved the prospectus of cable television, internet and VOIP company TvNetWork Rt for its listing on the Budapest Stock Exchange (BÉT).
TvNetWork plans to introduce shares held by Hungarian private investors and companies with a nominal value of Ft 1.3 billion on the BÉT's "A" category, CFO Attila Nemes said. The company has registered capital of Ft 1.5 billion. After the listing, and before the end of the year, the company plans to issue new shares with a nominal value of Ft 400 million, Nemes said.
TvNetWork has 45,000 subscribers. It had revenue of Ft 1.455 billion in 2005, up from Ft 923 million the year before. Profits, however, were just Ft 16 million, down from Ft 121 million in 2004, because of a write-off of earlier financial losses. The company's EBITDA remained unchanged at Ft 400 million last year, Nemes noted.
TvNetWork has been awarded a Ft 20 million grant to help defray the costs of listing available under the government's Hundred Steps program.