Fotex the First-American-Hungarian Photo Service LLC is formed, the legal predecessor of the public Fotex Ltd. The company is founded by Mr.Gábor Várszegi, who until recently has resided in the United States. The purpose of the company is to perform quick photo processing. The company has at the time an initial share capital of 11.2 million Hungarian Forints (HUF), out of which Skála-Coop has a 26% ownership, Fényszöv Ltd acquires a 25% stake; while the remaining 49% belonges to a company registered in California affiliated with Mr. Gábor Várszegi, called: the American Writing Supply Corporation. The shares held by the American Writing Supply Corporation are subsequently purchased by Blackburn International Incorporation a Panamanian registered company also controlled by Mr.Gábor Várszegi.
Eastman Kodak purchases a 5% stake in Fotex, paying with 1 million rolls of Kodak film. The wholesale marketvalue of each roll of film is calculated to be 2 United States Dollars (USD). In addition to this an agreement is also reached whereby Kodak will sell rolls exclusively through Fotex in Hungary.
Fotex starts its contact lense production, selling its products first via wholesale, and starting in August, of the same year, in the company's own retail locations.
Fotex and Blackburn International Incorporation set up Europtic LLC a joint venture retail company, for the purpose of taking over the ophthalmic business from Fotex.
Foundation of the Ajka Crystal LLC (Ajka Kristály Kft.) with an initial share capital of HUF 25.5 million for the purpose of continuing the business activities of the until then state owned Ajka Glass Factory (Ajkai Üveggyár).
Ajka Crystal LLC's share capital is increased to 55 million HUF, and subsequently in September Fotex purchases the assets and liabilities of Ajka Glass Factory as well as a 20 % stake in the Ajka Crystal from the State Property Agency for 137 million HUF.
In autumn Kodak makes Fotex an offer to purchase the outstanding majority stake in Fotex's photographic retail service business. Kodak's offer is rejected by Fotex's proprietors, and as a consequence Kodak sells its 3.3% in Fotex to Blackburn International Incoporation and the remaining 1.7% to Skála Ltd, for a total sales price of 1.5 million USD. The sales price paid to Kodak reflects the offering price which Kodak had tendered to Fotex owners for their shares of the photographic retail service business. Henceforth Fotex continues selling Kodak products, however from hereonwards only on a non-exclusive basis.
In September Fotex LLC is converted into a company limited by shares (Ltd), with a registered share capital of 2.6 billion HUF which represents 26 million shares each having a nominal face value of 100 HUF/share.
In October Fotex acquires the 96% stake in Azur Unio Ltd from Citibank Budapest Ltd. Azur Unio Ltd deals in cosmetics and household retail goods. The purchase price is 309 million HUF. Subsequently, Blackburn International Incorporation purchases a 3% shareholding from Fotex Ltd in Azúr Unio for a price of 11 million HUF.
Later in October Fotex Ltd does an initial public offering; issuing 5 million shares, at a price of 199 HUF per share (each share having 100 HUF nominal value) thus increasing the total number of the outstanding shares to 31 million, and thereby increasing the company's shareholders equity to 965 million HUF.
In December Fotex Ltd acquires a 15% stake in Kontúr LLC a company that operates a retail outlet chain in Győr-Sopron county for 40 million HUF. Blackburn International Incorporation assigns to Fotex Ltd a 0.1% participation in both Europtic and Ajka Crystal LLC enabling Fotex to consolidate these companies as part of its group.
Fotex Ltd acquires an 50% interest in Azurinvest Ltd a retail chain which sells cosmetics and household goods for 258 million HUF; subsequently Blackburn International Incorporation also acquires a 1% stake in the company.
Ajka Crystal LLC increases its share capital, through equivalent in kind contributions to the company by Fotex Ltd and Blackburn International. Fotex Ltd contributes assets of Ajka Glass Factory held by it, while Blackburn International contributes Fotex shares. The value of the contributed Fotex shares by Blackburn is equal to the price at which Fotex shares were floated for during March share issue.
In March Fotex Ltd raises its share capital through a private share issue for international institutional investors offering 13.7 million shares at a price of HUF 270 per share. During the offering the company also liquidates 600 thousand treasury shares thus obtaining a total of 3.4 billion HUF equivalent of cash in so called "hard" non-Hungarian Forint currencies.
In May Fotex Ltd raises its share of voting rights in Azurinvest Ltd to 71.6%; while Blackburn International acquires another 3.8% in Azurinvest shares.
In September Fotex Ltd increases its stake in Kontúr to 51%, and thereby becomes the majority shareholder in Kontúr paying a purchase price of 400 million HUF.
In December Fotex Ltd acquires a 21.1% interest in and the management rights of the largest furniture retail and wholesale company in Hungary, Domus Ltd; paying a purchase price of 344 million HUF and also as a part of this purchase an option usable by the company until 1993 to acquire another 30% of the company. The transaction was legally settled by both parties in 1992.
After successfully challenging the privatisation tender results of Ofotért LLC in court, Fotex is awarded the right to acquire the 51% ownership of the company. Ofotért LLC is the country's largest retail and wholesale company for photo processing and optical products. The cost of the equity stake is 1.6 billion HUF, out of which 1.2 billion is due to State Property Agency immediatly, while the remaining 400 million HUF is to be paid in two equal instalments within a two year period. In addition Fotex recieves the right to increase its stake in the company up to 75% by raising the companies registered capital. According to the agreement the transaction is completely finalized in January of 1993. During the closing of the transaction, Proficolor's (owned by Ofotért, Fotex as well as Blackburn International) 1 million HUF share capital is increased by 510 million HUF. In order to maintain its 49 % interest in the company, Ofotért contributes HUF 250 million of photographic products (valued at wholesale prices).
Blackburn International pays 260 million HUF in cash to Proficolor LLC this amount is then used by the company to purchase the occupancy rights of Ofotért's 42 photo processing retail outlet locations. Fotex Ltd's interest in Proficolor remains 2% after the transaction.
Subsequently Blackburn International sells a 26% stake in Proficolor to Eastman Kodak. Simultaneously Kodak gets the strategical and operational management rights to Proficolor LLC.
Fotex Ltd trades 5.8 million of its own treasury shares to Blackburn International Incorporated in exchange for its' minority stakes in Europtic, Ajka Crystal LLC and Multivizió LLC.
In September Fotex Ltd acquires the spectacle frame manufacturer Granvisus LLC for a purchase price of 26 million HUF.
In January Fotex pays the initial purchase price of Ofotért to the State Property Agency in the amount of 1.2 billion HUF (40% in "compensation coupons" and the remaining 60% in cash). In addition to this Fotex still has to pay 400 million HUF in two equal instalments in the course of 1993 and 1994.
Fotex Plastics' (earlier known as Granvisus LLC) share capital increases from 38 million HUF to 73 million HUF. As of February, Proficolor LLC takes over Ofotért's photography business. Proficolor's proprietors are Ofotért with a 49% stake in the company, Eastman Kodak which has a 26% share (and the operational management rights) Blackburn International Incoporation with 23% stake and finally Fotex which controls just 2% of the company's shares.
In March, using the option purchased from the State Property Agency in 1991, Fotex acquires a further 30% of Domus Ltd from the State Property Agency at a price of 489 million HUF. Out of this sum 40% is paid in the form of "compensation coupons", and the rest is paid in cash in four installments.
In May Vebu LLC, the owners of which are financed by Fotex, acquires 62% ownership of Balaton Furniture Factory's (Balaton Bútorgyár) shares at a price of 218 million HUF (out of which HUF 168 million is paid through an E-loan, and the remaining HUF 50 million is paid in the form of compensation coupons).
In August Fotex Ltd sells 97% of Fotex Property Development LLC (Fotex Ingatlanfejlesztő Kft), to Blackburn International Incorporated (selling its remaining 3% shareholding to Blackburn later in December).
In December Blackburn International Incorporation passes on its' pre-emptive purchase right in Keravill Ldt to Fotex Ltd; this option gives Fotex the right to purchase 97% of the outstanding shares of Keravill Ltd the largest household and entertaiment electronics retailer in Hungary at the time.
In January Fotex Ltd and Westel 900GSM (one of Hungary's two GSM concession operators) sign a long term distribution agreement.
In February Fotex Ltd's management approves the acquisition of 99.5% interest in Keravill Ltd, the largest household and entertainment electronics retailer in Hungary.
In April Fotex Ltd issues 14,350 thousand new registered shares at a price of USD 4.88 (507 HUF) per registered share (each having a nominal value of 100 HUF each) in the framework of a global offering to investors outside of Hungary.
In May Fotex Ltd purchases the 97% controlling interest in Keravill Ltd while Keravill Ltd retains another 2.5% of its own shares as treasury shares.
In October Fotex Ltd purchases a 78% interest in Primo Ltd, a Hungarian retail company.
Congruently Domus buys 80.2% stake in the Dália Furniture Company.
In November Fotex Ltd becomes the majority shareholder of Ruházati Bolt Rt (previously a state owned clothing retail company). Fotex Ltd's direct and indirect stake is 50.1% while the remainder is owned by the Austrian retail company known as Kleider Bauer GmbH.
Fotex Ltd acquires a 60% interest in the advertisement company, Ayer (Europrizma).
Fotex opens its first CD mega store in downtown Budapest.
In December the Fotex Group takes total control of Domus Borsod LLC, after which this company becomes a fully consolidated Domus' subsidiary. Fotex Ltd buys a music cassette production company.
In Januray Fotex Ltd acquires the exclusive distribution rights for Givenchy products in Hungary.
In May Ruházati Bolt Rt is liquidated by its owners, pursuant to which the company's outlets are divided between Fotex Ltd and Kleider Bauer GmbH.
Proprimo LLC is formed with 25 retail outlets.
Fotex Plastics' new plant starts its production.
In June Bausch and Lomb renew their agreement with Fotex Ltd for the exclusive distribution rights for their products.
Fotex Ltd concludes a distribution agreement with Gianni Versace.
In September Fotex obtains the exclusive distribution rights for Kenzo as well as for Cartier products.
Bourjois signs similar a contract with Fotex for distribution of its products on an exclusive basis.
In December Fotex Ltd completes its central warehouse and warehouse-management system.
In January Fotex Records LLC is founded for the purpose of distributing records, CD-s, audio-cassettes as well as videos.
Fotex 2000 LLC takes over the management of the photography service and trading business from all the Fotex Group members.
From April the Group's optical activities are henceforth managed exclusivly by Fotex Optika Ltd.
Azúr Unió's and Azúr Invests's business activities are taken over by Azúr Trading Ltd (Azúr Kereskedelmi Rt), later on this company will assume the operations of DAK LLC from the company.
The Fotex Group leases 7200 square meters, and opens 12 retail locations in Duna Plaza, Hungary's first western type shopping mall.
Franchise agreements are concluded between Fotex Records and Virgin Records, as well as between Fotex Optika and Vision Express. Fotex Ltd signs an exclusive distribution contract with Shiseido. Fotex signs an agreement for the exclusive manufacturing and distribution of certain Pierre Cardin products throughout Eastern Europe.
Fotex Ltd issues to its existing shareholders a transformable bond in the value of 403.6 million HUF.
At the end of 1996 Fotex Ltd buys 17% of Sugár shopping mall, enabling Keravill to expand its existing store to over 2000 square meters within the mall.
Fotex Cosmetics is founded, an independent company for the exclusive distribution of cosmetics and toiletries. This was the last step in transforming Fotex Ltd from a trading company into a pure holding company.
Kontúr Stationery LLC (Kontúr Papír Kft) is demergered as an indepedant company from Kontúr Ltd. The new company assumes all the stationery business of its predecessor, thereby continuing the cleansing of the business segments within the group.
Fotex Ltd acquires a 89% interest in Hungaroton Music Ltd, granting it control over the 9000 recorded classical and pop music albums in the company's historical archives. In order to further rationalize the company the merger of Hungaroton Gong LLC and Hungaroton Classic LLC is initiated (both are daughter companies of Hungaroton).
Before year's end Fotex Ltd acquires a further 25% interest in Ofotért Ltd, while its ownership in Dália Ltd increases to 92% of the companys' ordinary shares.
Fotex Group members Azúr Ltd and Ofotért Ltd are the only Group members to open new retail outlets in several newly built malls across Hungary.
The rationale at the time is that no new stores will be opened in the newly constructed shopping malls due to the high operational costs and because of Fotex's conservative market outlook at the time.
Fotex Ltd commences to purchase its existing downtown operational retail properties as well as other real estates which it considers to be in strategic locations.
The modernisation of Fotex's information system (infrastructure) continues and the second series of Gemini bonds are tendered in the amount of 2.5 million USD.
Fotex Ltd buys the majority shares of Kaposvár Clothing Factory (Kaposvári Ruhagyár), ensuring the production background for Primo Ltd's wholesale and retail activities.
The merger of Hungaroton Gong LLC and Hungaroton Classic LLC is finalized. The new company begins operating under the new name of Hungaroton Records LLC.
Fotex Ltd purchases the outstanding 33.91% stake of Ofotért Ltd from a third party. At the closing of this transaction Ofotért Ltd becomes a fully owned subsidy of the Fotex Group. Ofotért Ltd itself repurchases 8.7% of its own shares from the companys' employees.
Through the rights granted to the Board by the Articles of Association, the Board decides on the 24th of July to issue a private placement of of 4.865.530 shares each having 100 HUF in nominal value. Due to this transaction the Group's registered capital increases to 6.793.365.000 HUF.
Fotex Ltd, Fotex 2000 LLC and Fotex Optika LLC establish Keringatlan LLC (real estate investment, utilization and management company), with a contribution of 3 million HUF in cash and an in-kind contribution of land, buildings and other properties having a book value of 561.64 million HUF. These properties continue to be leased by their original proprietors or tenants. In the course of the year reorganisation of the company is continued, therefore in April Proprimo LLC merges with Primo Ltd, while in September Proficolor merges with Ofotért, both transactions occurring at book value.
Fotex purchases from its employees an additional 6.16% in the Kaposvár Clothing Factory Ltd (Kaposvári Ruhagyár Rt) at a price of 11.190.000 HUF.
Fotex sells its 68% share in Kaposvár Clothing Factory Ltd with a loss of HUF 61 million. The Group continues its strategy of separating its real estate holdings from its commercial activities, and continues rationalisation of the company. As a part of this restructuring Primo Real Estate LLC (Primo Ingatlan Kft) is spun off from Primo Ltd, Keravill Real Estate LLC (Keravill Ingatlan Kft.) from Keravill Ltd and Azúr Real Estate LLC (Azúr Ingatlan Kft) from Azúr Ltd. Each of the new companies' profiles are real estate management.
In addition to this several mergers are also concluded as a part of the Group's continued rationalisation. As part of this program, companies within the group with similar or the same business profiles are merged. As such Optikon and Ofotért are merged into Fotex Ofotért (previously Fotex Optika). All the activities of the predecessor companies are carried on by their legal successors.
Fotex and Blackburn International Incorporated launch the Group's first internet endeavour, named Fotexnet. Through a series of purchases and capital injections (and a 113 million HUF of in-kind contribution)- Fotex becomes the 90% owner of Fotexnet LLC.
At the annual Board Meeting in April, owners of the Gemini bond, -whose redemption or conversion date is the 31st March, 2000-, request the conversion of 333 units into shares. Due to this transaction Fotex Ltd's registered capital is increased by another 333 million HUF. After the ruling of the Hungarian Court of Registry on the 17th August of 2000 the company's registered capital increases and is now 7.072.365.000 HUF.
On the 31st of July 2001 Fotex acquires 80% of FTC Football and Sport LLC (FTC) from Ferencvárosi Torna Club. The purchase price is 2.400 million HUF, out of which 600 million HUF is due at closing of the contract, while the rest is due in equal instalments during the next three years. The outstanding amounts are to be charged with interest, at a rate which equals to preceding year's average yield for Hungarian goverment bonds. The purpose of the acquisition unlike Fotex' previous investments was, following FTC's restructuring, rationalisation and recapitalisation to sell the business.
In August, three Group members, Primo Real Estate LLC (Primo Ingatlan Kft), Keravill Real Estate LLC, (Keravill Ingatlan Kft) and Azúr Real Eatate LLC (Azúr Ingatlan Kft.) are merged into Keringatlan LLC. The Group's real estate business is now solely handled by Keringatlan LLC.
Fotex increases FTC's registered capital by 100 million HUF, as a consequence the Group's ownership reaches 99,42%.
Sigma LLC is founded in September. It is this newly established company's main duty to lease the Group's available real estates properties, as well as to assist the Group in obtaining new properties. Simultaneously Sigma is also a real estate consultant and a leasing agent for third parties handling the transactions of other companies dealing with real estate development, leasing and operations.
The Fotex Group opens several retail outlets in MOM Park shopping mall occupying 7.000 square meters of floor area in the newly built mall.
In August Fotex increases its paid up capital in FTC by another 50 million HUF, as a consequence Fotex's ownership in FTC increases to 99,61%.
Fotex sells its shares in Gong Express LLC (which conducts musical CD, VHS and DVD wholesale) to the company's minority shareholders, thereby closing down the Group's wholesale activities in this field.
In November the sale of FTC Football Ltd (previously FTC Football and Sport LLC) is completed. At the same time Fotex Ltd purchases the exclusive rights to use the FTC logo, brand name as well as the certain merchandising rights associated with the club.
In December Fotex Ltd concludes an agreement with Westel Mobil Telecommunication Company to sell its retail agent network at a price of 1.500 million HUF, which was oringally established for the purpose of selling Westel services but consists of independent agents and is merely operated by the Fotex Group.
In the course of the year Fotex Ltd purchases the 100% interest in both Alfa Örs LLC and Szivárvány Ltd through Keringatlan LLC. Both portfolio management companies have a significant ownership in the Sugár Shopping Mall; as such upon concluding of the transaction Fotex's interest in Sugár Központ Egyesülés (the management company which operates the Sugár Shopping Mall) reaches 98.36%.
Fotex purchases another 43.05% in Kontur Ltd from one of Kontur's minority shareholders, thus Kontur's minority owners stake in the company drops to 2.65%.
Due to a constantly shifting market management decides that Keravill Ltd's electronic retail activity cannot be operated in a manner which is financially sound. The maintenance of this business line would have required the owners to continuously inject fresh capital into the company and management felt that such an undertaking was not in the best interests of the company. Therefore the owners (Fotex Ltd) decided to liquidate the company on the 10th of December.
Fotex purchases from Carrefour an optical retail chain consisting of 24 units located in two countries, the Czech Republic and Poland. All the optical stores are located in high frequency retail locations, i.e. within in shopping malls.
The owners decide to stop Dália Furniture Factory's lossmaking manufacturing activities (due to continuous losses during the past three years). The company temporarily continues its activity by leasing its assets.
Azúr Ltd starts its withdrawal from the Group's retail outlets, enabling the Group to lease these locations to third party tenants.
Due to similar reasons Kontur Ltd also begins to liquidate its household equipment business.
Due to technological changes (analogue film processing technology is slowly being replaced by the digital film technology) Fotex 2000 LLC, which has persistently continued to lose sales, starts the liquidation of its uneconomical service locations. In addition to this the company also takes over from Keravill (within the framework of the Group structure) the franchise network which deals in Telecom products and service distribution. Keringatlan LLC increases its direct and indirect holdings in the Sugár Shopping Mall to 100% and begins the process of modernizing the shopping mall. The first part of the renewal program is completed in November, during this renovation the mall continues its retail operations.
In March Fotex increases the registered share capital of Ajka Crystal LLC pursuant to this the registered share capital of Ajka Crystal increases to 1.337 million HUF.
In April Keravill's liquidation is finalised.
In June Balaton Furniture Factory Ltd splits into two separate companies, Bebufa LLC which will continue the furniture production activity of the original Ltd.
In July Alfaörs LLC and Szivárvány LLC merge into Keringatlan LLC.
Fotex Ofotért Real Estate LLC (Fotex Ofotért Ingatlan Kft) is established by splitting Fotex Ofotért Optika LLC into two companies. The new company's purpose is real estate leasing, development and investment.
In November Fotex Ltd registers in Cyprus a 100% owned subsidiary, called Upington Ltd by contributing its entire optical division, as well as certain intangible rights. Upington's duties are to acquire and sell companies, manage real estate and other investments; in addition to this the company will also look for new opportunities for the group in financing, consulting and investments.
In December Upington sells Fotex Ofotért LLC (which represents the Groups total optical retail holdings) to the Dutch group HAL Invest.
According to the agreement concluded with Hal Invest, Fotex Ofotért Real Estate LLC modifies its name to Azúr Real Estate LLC (Azúr Ingatlan Kft).
In the course of the year Fotex Group member companies continue to purchase their own leased real estates from their owners (mostly municipalities). In addition recently closed Azúr and Fotex 2000 stores are continusouly let to third parties.
Kontúr Stationery LLC (Kontúr Papír Kft) closes its paper retail sales division by selling the business.
The owners of Domus Trading Ltd and ZM-IMMO Property Utilization Ltd decided to transform the two companies by merging the two entities. ZM-IMMO Ltd a daughter company of Domus operates in the same line of business as its mother company: property utilization.
Kontúr Housing Equipment LLC and Kontúr Paper LLC are both assimilated through mergers into the Kontúr Ltd.
Upington Ltd establishes a Luxembourg-based subsidiary called Downington Sárl to handling financial instruments, which beings to play a significant role in intra-group financing.
In line with the on going rationalizing of Group activities, and due to the continuous dissolution of retail trade and service related activities, it is decieded that Fotex-2000 Ltd will merge into Keringatlan Ltd in order to improve property utilization and related investments.
After the dissolution of the furniture manufcaturing production of Dalia Ltd the company's primarily function becomes property utilization and the company is subsequently merged in February into Kontúr Trading Ltd. The two existing subsidiaries of Domus, Domus Lánc LLC and Domus Office Furniture LLC are merged into Domus Ltd, their parent, in the first quarter of the year.
In March the reconstruction of Sugár Shopping Mall is completed and the newly built multi theater Sugár Cinemas openes in the second quarter of the year.
The General Assembly of Domus Ltd (a publicy traded company until then) decides in June to transform the company into an unlisted corporation; the change of the company form is registered by the Hungarian Company Registry Courts in August.
In September Székhely 2007 LLC demerges from its sucessor Balaton Bútorgyár Ltd which continues the manufacturing activities of its predecessors.
Fotex Ltd decides by a resolution in November to raise the capital of the Company through the means of a closed offering of priority dividend bearing shares. Through this means the company issues 2.000.000 priority dividend bearing shares each having a nominal value of 100,- HUF.
In January, Fotex Records LLC merges with Hungaroton Records LLC, in February Norba LLC, Fotex III LLC and Fotex Kont LLC all merge with Kontúr Ltd; furthermore, DVDrent LLC merges with Fotexnet LLC.
In July Kont-Vesz LLC demerges from its predecessor Székhely 2007 LLC, thus Székehely 2007 LLC becomes the sole owner of a large property located in Veszprém Házgyár road.
The extraordinary General Assembly of the Company held in August of 2008 decides on the transformation of Fotex into a European Corporation (societas europaea or SE). The transformation into a SE provides the company with the opportunity to change the company's registered place of business within the European Union; this flexibility which the SE affords gives the company the ability to realize the expansion of the holding's current activities on an internation level. In the course of the General Assembly in September, the transformation into an SE is finalized by Fotex Ltd.
In December, Balaton Furniture Ltd and Bebufa LLC merge to form Balaton Furniture LLC.
Due to the extreme succes of the Sugár Cinemas the company decides to widened its entertainment portfolio by adding a 10 lane bowling and entertainment center in December of 2008 to the Sugar Mall. The transformation of Fotex Ltd into an SE is registered by the Hungarian Registry Courts on the 31st of December, 2008.
In early March Keringatlan establishes its Dutch subsidiary named Fotex Netherlands which is responsible for the creation, development and management of the Group's Dutch real estate portfolio. The extraordinary general meeting of the Company's four subsidiaries - Keringatlan LLC, Europtic LLC, Kontúr Ltd and Domus Ltd it is decided that the two Ltd's and Europtic LLC would all merge into Keringatlan LLC. The economic aim of the merger is to optimize the activity of the subsidiaries, which are engaged in the same commerical activities: real estate and asset management. The merger is registered by the Hungarian Company Courts on the 30th of September.
In April Fotexnet Ltd sells the online DVD rental service of the DVDrent.hu to the Bookline.hu Plc. In the same month the newly founded Dutch subsidiary, Fotex Netherlands BV, purchases an office building with 4.964 m2 of letable area and 105 parking places in the office agglomeration of the Haag, in the city of Zoetermeer; congruently the company also purchases another office building with 7.222 m2 of letable area and 158 parking places located in city Gorichem. Both buildings are fully leased to long-term financial strong tennants.
At the annual meeting of Fotex Holding SE, held on the 28th April, the shareholders of the company decide to transfer the registered seat of the corporation to Luxembourg. The extraordinary general meeting held in Luxembourg on 4th June approves the decision, and the company's new registered seat from this date onward is: 75, Park Activités L-8308 Capellen, Luxembourg.
In November Fotex Netherlands BV purchases another office building with 2.651 m2 of letable area and 60 parking places located in Haarlem a suburb of Amsterdam; in December the company also acquires an office building with 3.012 m2 in Rotterdam, both buildings are leased long-term.
In May Fotex Netherlands BV purchases an office building with 10.000 m2 of letable area and 148 parking places in Zwolle. The office building - which is situated at a highly frequented location - is leased to the Dutch Immigration Authority.
In July the securities with ISIN-code T0008806916, (so-called certificates), which were previously traded on the Vienna Stock Exchange, are withdrawn from trading at the request of Fotex on the 30th of June, 2010. Ordinary Fotex SE company shares with the ISIN-code HU0000096409 are automatically credited on the accounts of the owners of the cerfificates kept at their custodian bank. Certificate holders recieved one ordinary share for each certificate owned.
On the 1st of October 2010 Keringatlan LLC outsources its facility management activity to the group member Székhely 2007 LLC.
In December the Hungarian Company Courts register the merger of Balaton Glas Hotel LLC and Keringatlan LLC, effective on the 1st of January 2011.
In April Downington Holding Sárl is striken from the Luxembourg company register. All possessions and activities of Downington Holding Sárl are taken over by its sole previous owner, Upington Investments Ltd.
In June Fotex Netherlands BV establishes a Dutch subsidiary named FN2 BV with the aim of further developing and manage its real estate portfolio in the Netherlands.
In July FN2 BV purchases an office building with 7,122 m2 of letable area and 129 parking spaces in the city of Utrecht which is leased to the Government Buildings Agency; part of Ministry of the Interior and Kingdom Relations.
Also in July Upington Investments Ltd purchases the 100% ownership stake in Plaza-Park LLC a company whose registered seated and associated business is located in Hungary. Through this purchase the real estate holdings of the Fotex Group consolidated companies are increased by another 95,274 m2 of land and 7,045 m2 of letable buildings.
The shares of the Company are admitted to the official list of the Luxembourg Stock Exchange at a first price of EUR 1.06/piece as of 23 February 2012.
The Board of Directors of the Company at the meeting held on 14 March 2012 decides on the full transfer of the Company's shares listed on the Budapest Stock Exchange to the Luxembourg Stock Exchange. The date of transfer is 30 March 2012. After transferring the shares from the Budapest Stock Exchange the shares are traded only on the Luxembourg Stock Exchange.
In August FN2 B.V. purchases an office building having 6,445 m2 with 51 parking places in Amsterdam. The office building is leased for long term.
In December Fotex Cosmetics Kft. merges into Keringatlan Kft and another subsidiary, Hungaroton Records Kft merges into Fotexnet Kft. Both mergers are effective on the 1st January 2013.
In March the Company, exercising its redemption option, repurchases 775,000 pieces of dividend preference shares - owned by the management previously.
In October Fotex Netherland BV founds a new subsidiary, FN3 BV aiming to further develop and manage the real estate portfolio in the Netherlands.
In October FN3 BV purchases a plot of land 16.013 m2 with an office building of 4,033 m2 and an industrial building of 4,392 m2 lettable area in the city of Breda which is let for more than 10 years to SPIE S.A.
The registered office of the Company changes with effect from 1st November to 26-28 rue Edward Steichen, L-2540 Luxembourg.
In November FN3 BV purchases an office building with 4,184 m2 of lettable area and 48 parking spaces in the city of Rijswijk which is let to the government related Institute that issues driving licenses (Stichting Centraal Bureau Rijvaardigheidsbewijzen).
In December Proprimo Kft merges in Székhely 2007 Kft. The merger is effective on the 1st January 2014.