Cypriot Firm Obliged to Announce Takeover Bid for Trens Shares

29.06.2007, 08:43

The Cypriot company Esseta Advisors Limited is obliged to announce a mandatory takeover bid on shares of the Trencin-based company Trens, a.s. It has to do so after it acquired an 81.79 percent stake in voting rights connected with shares in Trens on June 22, 2007, according to data published by the Cypriot company.
Joint-stock company Trens closed last year with a taxed profit of SKK 43.8 million, which is an increase of 21.1 percent y/y. According to information it published in May, the company plans to earn a taxed profit of SKK 38.8 million this year. The Trencin-based company reported output of SKK 818.8 million last year, down 0.8 percent y/y. Last year the engineering company reduced production costs by 4.6 percent to SKK 527.9 million. This year the company's trade policy will focus on stabilizing its position on existing markets and expanding to the dynamically developing markets of India, Russia, and the Middle East. The main source of rising profits should be from higher output as well as growth of sales of products and services.
The joint-stock company Trens, a.s. was founded in 1998 after the transformation of the former TOS Trencin. It is involved in the development, sale, and maintenance of machine tools, and it exports 83 percent of its output to countries in Europe, North America, Latin America, Africa, Australia and Asia. According to data from the Business Register, the company's share capital consists of 630,807 shares with face value of SKK 1,000.

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29. marec 2023 21:54