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| Government to provide FHB Mortgage Bank with HUF 30bn in capital |
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Hungary's government will provide FHB Mortgage Bank with HUF 30bn (EUR 97.64m)
in capital from a HUF 600bn bank-rescue package raised from International Monetary Fund support, Finance Minister Janos Veres and FHB CEO Daniel Gyuris announced at a press conference on Monday morning.
Mr Veres said that the government was providing FHB with the capital so that it would not suffer a competitive disadvantage compared to its domestic competitors.
The state's stake in FHB will rise from 4.11pc to 43.57pc as a result of the capital increase.
FHB announced in a statement published on the website of the Budapest Stock Exchange (BSE) on Tuesday morning that pursuant to the stabilization act, the company would issue special dividend-preference shares and one special voting-preference share with veto rights to the state in connection with the capital increase. The special voting-preference share provides the state with veto rights in declaring dividends, in matters requiring the simple majority of existing voting-preference shares and in 75pc super voting-majority decisions of the General Meeting.
FHB said that in addition to the super veto voting-preference share, the bank would issue 46.15m special-dividend preference shares with no voting right at a face value of HUF 100 per share. The shares will be issued with an issue value of HUF 650, meaning that share capital will increase by HUF 4.62m, while HUF 25.28m will be placed into capital reserve.
The owner of the special dividend preference shares will be entitled to a 10.5pc dividend calculated against the issue value from the profit generated in the respective business year.
FHB's registered capital at present consists of 58m ordinary shares and 8m dividend-preference shares, both with a per share face value of HUF 100.
After re-entering trade at 10am, FHB fell 2.5pc to 545 before 2pm. Trade in FHB shares was suspended for the first hour of the stock exchange session on Tuesday.
The state capital injection compares to net assets of HUF 40.3bn at the end of 2008, according to unaudited consolidated IFRS figures released by FHB in the middle of February. Net assets rose 26pc in a year, and total assets rose 12pc to HUF 689.6bn. Full-year net profit rose 27pc to HUF 6.7bn, helped largely by a HUF 3.4bn profit from forex transactions.
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Source: Budapest (MTI-ECONEWS); 20090331 |
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