Decision time for Altera as Wallis enters bourse

Telco

In mid-December, Altera will reach an important milestone in its transformation as Wallis’s automotive group enters the Budapest Stock Exchange (BÉT) via the corporation. Important decisions await shareholders at a general meeting on December 17, notes a press release sent to the Budapest Business Journal. 

The corporation is set to hold a general meeting where shareholders will have the opportunity to decide about some important questions that will lay the foundations for its operation. The company is expected to realize the seventh largest revenue on the stock exchange.

The agenda includes the changing of the company name, the alteration of the par value per share, modification of the articles of incorporation, as well as the election of new management.

The automotive companies of the Wallis Group are entering the stock exchange in accordance with the planned schedule, bringing the automotive company to an important landmark on December 17. On that day, shareholders may decide about changing the name and corporate seat of the company, and the election of new members to the Board of Directors, Supervisory Board, and Audit Committee, as well as choosing a new auditor.

Several points of the articles of incorporation are also set to be adjusted. The general meeting agenda also includes the modification of the par value per share, and the authorization for completing treasury share transactions as well as a capital increase.

The general meeting will take place after the conditions of the capital increase (via a preliminarily determined in-kind contribution worth HUF 15.8 billion) will have been realized, and thus the ownership of Wallis’s four-member corporate group engaged in vehicle trading and service providing activities will have been transferred to Altera.

This capital increase means an almost tenfold increase in Altera’s founding capital to HUF 3.4 bln, its capitalization being HUF 25 bln calculated on the basis of the HUF 757 average share price of the past 180 days.

The automotive group includes Wallis Automotive Europe, Wallis Motor Pest, Wallis Motor Duna, and Wallis Autókölcsönző. These companies are engaged in the retail and wholesale of vehicles, parts, and accessories, in service providing, as well as in short and long-term vehicle rentals in Hungary and in the Central and Southeast European region. The vehicles represented by the group include BMW cars and motorbikes, as well as MINI, Isuzu, Jaguar, Land Rover, Maserati, SsangYong, and Sixt rent-a-car.

The groupʼs revenue almost doubled to HUF 66.3 bln in 2017 (a non-consolidated number, based on the Hungarian Act on Accounting), while the consolidated net income of the four companies almost quadrupled to HUF 1.8 bln compared to the previous year.

Gábor Székely, the company’s Chief Investment Officer, noted that this revenue would make the corporation the seventh largest company on the BÉT. The corporation is to be included in the Premium category of the stock exchange, as well as in the BUX and the CECE indices, according to the press release.

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