Hungarian mortgage bank FHB has announced on Friday that in the future it will publish only half-yearly and annual reports and reports on the quarterly results will be substituted by press releases.
Based on the disclosure obligation defined in Section 1 of Article 55 of Act CXX of 2001 on the Capital Market, listed companies are not obliged to release quarterly earnings reports. The bank’s Board of Directors decided to fulfil the regular disclosure requirement in the future only by publishing half-yearly and annual reports as set out in Subsection 2 Section 54 of the Capital Market Act, report on the quarterly results will be substituted by press release.
The majority owners of FHB Bank, some members of the Takarék Group, have already signalled that their goal was to obtain 100% ownership of FHB. In practice, this would mean the delisting of FHB shares from the Budapest Stock Exchange (BSE). Those making the takeover bid obtained a 87% shareholding in July. If their holding rises to 90% within three months (by the end of October that is), they will have option to buy out the remaining 10%. FHB’s current move makes sense even if you have no idea about the aforementioned intentions, but in light of the probability of a delisting it should not be much of a surprise.
Click on the link below for our summary of FHB’s latest earnings report.
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