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Retail investors subscribe HUF 326m E-Star bonds

Retail investors subscribed HUF 326 million bonds of Hungarian energy-efficiency company E-Star Alternative in a public offering ending on June 3, E-Star said, the company announced on Friday evening.

Including the HUF 1.9 billion bonds subscribed by insititutional investors in an offer concluded in May 27, investors subscribed a combined HUF 2.23 billion bonds in the just-ended offering which was the fourth one under the company's HUF 10 billion corporate-bond program.


E-Star, known as RFV until early March, has issued nearly HUF 7.2 billion in corporate bonds since company shareholders mandated the launch of the bond program in September 2010.


Institutional investors subscribed a combined HUF 2.23 billion in E-Star corporate bonds during the second and third phases of the program in November 2010 and March 2011 respectively, while retail investors subscribed a combined HUF 703m in the two offers. Investors subscribed HUF 2 billion in E-Star bonds during the first phase of the program in September 2010.


E-Star, which currently conducts operations in Hungary, Romania and Poland, said it will use the proceeds from the bond program to finance the company's further international expansion. E-Star announced earlier that it would expand into two more countries in the central and eastern European region by 2015.


E-Star is an A-category issuer at the Budapest Stock Exchange, floating company shares at the Warsaw Stock Exchange as well on March 22, 2011.