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Masterplast to list shares in November

The management of Hungarian building materials maker Masterplast announced plans at a press conference on Thursday to list the company's shares in the second half of November, pending approval by regulatory authorities.

Masterplast hopes to tap the market for capital in the first half of 2012, depending on market conditions. It wants to use the fresh capital to expand production capacity.

Chairman-CEO David Tibor said turnover of the shares was expected to be minimal between the technical listing and the share issue.

At present, Tibor and deputy chairman Balázs Ács own 98% of Masterplast shares. The rest is held by the company's other managers.

Tibor said Masterplast expects to get several billion forints when it taps the market. Details of the share issue will be worked out by the end of the year, he added.

Masterplast, established in 1997, has units in 13 countries. It had consolidated revenue of €84.7m in 2010. After-tax profit came to €160,000.

Masterplast has 10m shares with nominal value of HUF 100 apiece. It has net assets of more than HUF 5bn.