Hungarian financial market regulator PSZAF on Monday said it cleared an application by Biomedical Computer Technologies to list its shares on the Budapest Stock Exchange.
Biomedical applied to the bourse for the listing at the end of May, Econews reported earlier.
Biomedical wants to raise capital to fund the development of an invention that replaces battery acid with hydrogen, CEO Sándor Kovacs told MTI. Biomedical gained access to the invention as a result of its merger with Hydro-Tar, he added.
Biomedical was established with registered capital of HUF 5 million last November. Registered capital was raised to HUF 805.5 million in January as the result of the merger with Hydro-Tar. The nominal value of shares was also lowered from HUF 10,000 to HUF 100 apiece.
Biomedical had net assets of HUF 5 million at the end of 2010, public records show. It had no revenue in 2010 and booked a HUF 22,000 loss.
Biomedical says it is a drug and healthcare products wholesaler.
Kovacs at the time that the company expected to float its 8 million ordinary shares by the end of June.
Two Hungarian private individuals each own 49.7% of the company, data published on the bourse's website show.