CIG Pannonia Falls as Shareholders Authorize Capital Increase
By Andras Gergely -
2012-04-19T13:18:24Z
CIG Pannonia Eletbiztosito Nyrt., a Hungarian life insurer, slumped after shareholders authorized the board to raise capital.
The shares dropped as much as 4.2 percent to the lowest on a closing basis since being listed. CIG retreated 2.2 percent to 398 forint by 3:04 p.m. in Budapest.
Shareholders approved a capital increase of as much as 4 billion forint ($17.6 million) by issuing interest-bearing shares, the company said in a statement to the Budapest Stock Exchange today.
To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
Sponsored Link
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.