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Appeninn's proposed merger with Rotux would increase property portfolio by 100,000 sqm

Asset-management company Appeninn will propose a merger with Rotux Zrt at the company's March 21 AGM which, if approved, would add two properties with a combined area of over ten hectares to Appeninn's portfolio, Appeninn reported on Monday morning.

Appeninn said that the proposed merger would entail the addition to the company's portfolio of a 71,861sqm property including a 6,024sqm building in the city of Kecskemet (C Hungary) and a 30,030sqm property including a 2,385sqm warehouse in the town of Szentes (S Hungary).

The building on the property in Kecskemet consists of 5,548sqm of warehouse space and 476sqm of office space. The latter property is close to the Daimler plant scheduled to open in the city during the second quarter of next year.

Appeninn will offer Rotux shareholders company shares at a price of HUF 448 per share as part of a proposed share-exchange agreement, to be approved at the March AGM.

Appeninn, whose shares currently trade in the B-category at the Budapest Stock Exchange, would satisfy the requirements necessary to trade in the exchange's A-category if shareholders approve the merger with Rotux.

Appeninn's shares were trading at HUF 462, up 6.21% from Friday's closing value, at 10:30 a.m. on Monday.