Czech car dealer AAA Auto plans IPO next year

22.12.2006 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

Czech car dealer AAA Auto is planning an initial public offering next year to finance expansion in eastern Europe, a company spokesman said....

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AAA Auto is fully owned by Australian entrepreneur Anthony James Denny and operates in the Czech Republic, Slovakia, Romania, Hungary and has begun expansion to Poland. It says it is the largest used car dealer in the region.

"There is an intention to do an IPO next year," said spokesman Vladimir Bystrov. He said the company was considering listing on the Prague and Warsaw bourses but said no timing was determined yet.

A source close to the company said the IPO may take place in September. Patria Finance, a unit of Belgium's KBC , will manage the issue.

AAA Auto sold 28,753 cars in the first half of this year, up 23 percent year-on-year, and revenues rose 28 percent to 4.8 billion Czech crowns ($230.4 million).

The firm employs 2,200 people.

Bystrov said the company planned to release more information on the IPO in January.

The Prague bourse has seen two IPOs this month, its second and third initial offerings ever.

[PRAGUE/Reuters/Finance.cz]

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