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Genesis Capital Management to make buyout offer for Novotrade

Lichtenstein-based Genesis Capital Management, the majority owner of holding company Novotrade Nyrt, is preparing to make a buyout offer for all outstanding shares, Novotrade announced on Wednesday.

Genesis submitted its buyout offer to the State Financial Supervisory Authority (PSzÁF), Novotrade said.
Trade in Novotrade shares was suspended for the day after the company requested suspension on Tuesday because it said it expected a potential buyer to submit an offer to PSzÁF. In August, Novotrade said Genesis Capital Management had subscribed most of the new shares it issued in a Ft 2.4 billion capital raise intended to provide cash to build a solar panel factory. Genesis Capital Management held 70.75% of Novotrade following the raise.