Czech AAA Auto likely to go public in September - report |
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Published
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Mon, 30 Jul 2007 18:20
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PRAGUE (Thomson Financial) - Czech used-cars dealer AAA Auto is planning an initial public offering (IPO) on the Prague and Budapest stock exchanges most likely in September this year, AAA Auto's founder and chairman Anthony Denny told Czech Business Weekly.'There is a possibility that (the IPO) may happen in September,' Denny said.The proceeds from the IPO should be used to double the number of AAA Auto's branches in central and Eastern Europe by 2009 and triple its sales by 2012, he said.He added the company is in talks to acquire two major new car dealers, one in the Czech Republic and one in Slovakia.Denny confirmed earlier reports which said AAA Auto plans to issue shares worth 30 to 40 mln eur.In 2006 AAA Auto earned 10 mln crowns on sales of 10 bln crowns.jana.mlcochova@thomson.com +420 222 191 108jm1/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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