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Veinna Capital Partners sets price of HUF 1850 per share for.
(From Hungarian News Agency (MTI))
Budapest, October 1, 2004 (MTI-Econews) - Vienna Capital Partners (VCP) set a price on Friday of HUF 1,850 per share and USD 9.28 per GDR for a 62.6pc stake it is selling through private placement to international investors in Hungarian chemicals company BorsodChem.
BorsodChem CEO Laszlo F Kovacs told MTI that the share packet on offer had been oversubcribed twice. The new owners of BorsodChem are investors with first-class ratings and there is a very good proportion of European, Polish, US and Hungarian investors, he said, adding that he hoped to see BorsodChem become a blue chip company again.
VCP has also offered an over-allotment of 4m shares to the global coordinator for the offer, HSBC Bank.
VCP has set a price band for the shares and GDRs of between HUF 1,775 and HUF 2,075, calculating with an exchange rate of HUF 199.3795 to the US dollar.
The Budapest Stock Exchange has also set a price band for shares traded on the bourse of +/- 40pc the share's closing price on Thursday of HUF 2,620. The maximum price has also been raised on the bourse's futures market, from HUF 480 to HUF 1200. Calculating with this price, BorsodChem has a market value of HUF 140.93bn (USD 707m, EUR 570m). BorsodChem has registered capital of HUF 15.39bn.
VCP owns 91.17pc of BorosodChem, or 91.54pc of votes, through its ...
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