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Revenue will surpass plan, CIG Pannonia CEO tells London roadshow

  Hungarian insurer CIG Pannonia Life Insurance projects revenue from premiums of more than HUF 20 billion this year compared to the originally planned HUF 16 billion, CEO Csaba Gaál told investors and journalists at a roadshow in London at the weekend.

The roadshow was part of preparations of a planned plans initial public offering before the planned floatation of the company's shares on the Budapest Stock Exchange in November.In H1 2010, the company had revenue from premiums of HUF 8.5 billion, including almost HUF 4 billion from new clients, the CEO said.

CIG Pannonia will offer at most 10,850,000 new shares for subscription on October 11-22.

The IPO could raise HUF 10 billion-12 billion, or about €40 million, in fresh capital for CIG Pannonia, supervisory board chairman Zsigmond Járai said in Budapest last week when announcing the plan. The capital is necessary to carry out the company's plans, he added.

Existing shareholders in the company has offered to sell an additional 1,950,511 shares — 3.8% of share capital — in the offering.

The shares which have a nominal value of HUF 40 each will be offered at a price of HUF 938 per share in the subsctiption to retail investors between October 11 and 22. CIG Pannonia policy holders will enjoy a discount and pay no more than HUF 750 per share. The shares unsold in the retail subscription will be available to institutional investors through a book-building on October 25. The final price will depend on the institutional offering. (MTI-ECONEWS)