Egis Offering 2-3 Times Oversubscribed

17 July 1994

There was strong demand for shares in the public offering of the Hungarian pharmaceutical company Egis Gyogyszergyar this month. 2.26 million Egis shares with a nominal value of 1,000 forints ($9.97) each were put up for sale by the Hungarian state holding company, the AVRt.

Of the total number of shares, 515,000 were exchangeable for compensation coupons and 1,745,000 were exchangeable for cash. The offer was made on both domestic and international levels. The offer price per share to Hungarian investors was 2,0925 forints and $19.37 to foreign investors. 1,230,000 shares were offered to international investors, Peter Kadas, of Credit Swiss First Boston, which handled the offering, told the Marketletter.

Holders of compensation coupons could only exchange in multiples of 20 compensation coupons for 15 shares. Egis is applying for a listing on the Budapest Stock Exchange.

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