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Alteo shares trade in Budapest from Tuesday

Alteo said last Thursday that it wanted to float its shares on the bourse. Shareholders approved a proposal for the listing at a general meeting on September 6. The company said it would not issue shares at the same time as the listing.

Alteo, majority owned by Hungary's Wallis Asset Management, broke even on revenue of HUF 1.17 billion in 2009, the listing prospectus shows. It had unconsolidated total assets of HUF 1,45 billion and net assets of about HUF 920 million at the end of 2009. Liabilities came to about HUF 450 million.

The company's main activities are energy trade and energy production, including both hydrocarbon- and renewable energy-fueled plants, but it wants to expand this scope to include energy services. It operates mainly in Hungary but aims to break onto other markets, first in Central and Eastern Europe. (MTI-Econews)