Company Fact Book 1997 [antikvár]

COMPANY FACT BOOK To our Readers... Somé very important ¦ changes in llaws and regulaI tions have been I effected in the [Hungárián capital | markét over the fpast period. With the enactment of í the new securities f law the legal climate of the Budapest Stock Ex'• change has improved consider¦ ably; among other things the capital requirement for I stockbrokers has been raised, banks can again participate directly on the stock markét, and under certain conditions there is an opportunity for the dematerialization of securities. On the basis of the law more companies are expected to be introduced to the stock exchange. In keeping with BSE strategy the three section trading model (shares, government securities, derivatives) will come into being. The past year and a half has seen a series of records. This is in part due to the achievements of the Hungárián economy, as a result of which foreign investors took a far keener interest. The value of stock exchange spot turnover between June 1990 and June 1997 was more than HUF4600 biliion at markét price, of which 37 per cent is attributable to shares. Share transactions in 1995 were worth HUF87 biliion, and 841 biliion in the first six months of 1997! Capitalization at the end of June exceeded HUF3200 biliion, of which the share ratio was 46 per cent. In 1996 the BSE won a leading place among the world's emerging exchanges with its price rises which even in dollars surpassed 130 per cent. The trend has continued this year: in July the stockmarket index exceeded the 7000 point dream limit. The derivative futures markét has developed spectacularly too. The past year and a half has been decisive as far as the Budapest Stock Exchange is concemed. By presenting a record of this period and publishing summarized information on the markét we hope this handbook will prove a useful aid. Dr Zsigmond ]árai Chairman of the BSE Council In keeping with our tradition (this is the third edition) our publication describing the companies introduced to the Budapest Stock Exchange - Company Fact Book - is now ready to go press. The popularity of this handbook in Hungárián and English so far proves that there is a demand for the facts and data it contains throughout the wide circle of markét players. The Company Fact Book can be as useful to the professionals of the stock markét as to the gratifyingly increasing number of small investors who can rely on getting help from it - primarily from the systematic information on the issuers - in making their investment decisions. The Company Fact Book summarizes the knowledge generally required by those interested in the companies introduced to the stock exchange. Particularly useful is the information on the capital markét, including major data with regard to the Hungárián economy, the presentation of the recent outstanding achievement of the BSE, the description of settlement procedure, and the review of changes in the securities law and regulations. Local and foreign visitors to the BSE who have been given a copy of this year book have been ready with their praise for its contents - a further example of its success. I am convinced that the Company Fact Book, 1997 - just as its predecessors - will prove to be a popular, sought-after publication for readers interested in the Hungárián capital markét, and not just as a quick read, but as a reference book to be used for a long time to come. Erika Schalkhammer BSE