Listed media group econet to seek capital raise to finance acquisitions

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Hungarian IT-cum-media company econet.hu has called an EGM for February 1, 2010 in order to discuss extending the expiring authority of the company’s management to conduct a capital increase, the business daily Napi Gazdasag reported on Thursday.

Napi Gazdasag wrote that econet.hu will require more capital in 2010 in order to pay off the purchase price of more than HUF 1bn (EUR 3.68m) for the company’s majority stake in Sziget Kft. and finance the start-up costs of new radio station NeoFM.

The company’s management has not stipulated the amount of the possible capital increase, the newspaper noted.

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