Company history

1992-1994

1992

On 21st December, PICK shares are introduced on the Budapest Stock Exchange. There is a great interest shown and 21.000 shares are sold on the first day. The turnover of the first three days is HUF 35 million at exchange rate value.

1993

Budapest Meat Industrial Company wishes to let its production units for rent for half a year. PICK also bids for HERZ Salami Factory and wins the bid. The rental agreement is valid for 6 months from 15th February 1993, which later on is extended until 31st December and then again until 31st March 1994.

The first Annual General Meeting of PICK Szeged Company’s shareholders is held in May where a great number of shareholders are present. It is decided that 20% of the profit is paid in dividend.

In June the European Community’s Scientific Veterinary Committee recategorises PICK salami so similarly to Parma and Serrano hams, it is qualified as a product with long ripening period. In case of possible export bans the salami will probably receive exceptional treatment.

In June, one-third of the shares at a nominal value of HUF 113.5 million still in state ownership is offered for sales for compensation vouchers. The special offer closes with a four-fold higher overlisting.

In Budapest, in October the rented area next to HERZ Salami Factory, PICK Traders’ House opens up.

In November, the State Holding Plc exchanges compensation tickets for PICK shares at a nominal value of HUF 227 million. This amount is 10% of the founding capital. The shares are overlisted already on the first day.

1994

From the beginning of the year PICK manages its own export independently, while for decades it had been done by a foreign trade company. This way the establishment of a direct link with the customers becomes possible as well as strengthening the company’s position on the export markets.
The exchange rate of a PICK share exceeds the HUF 5000 limit at the Budapest Stock Exchange. On 20th January, the exchange rate of the shares exceeds HUF 6000 and on 24th January even HUF 7000. On 27th January the exchange rate of the shares rises over HUF 8000 then on the 31st over HUF 10.000. The PICK shop chain is further expanded with retail outlets in Budapest.

In February the future of HERZ Salami factory is decided upon. The State Holding Company requires PICK to give up the Meat Combined Factory of Gyula, which was acquired in a separate tender, and go under a competition authority review. This review later on gives a green light to the purchase of HERZ.
On second instance the Csongrád County Court refuses the claims of the PICK heirs according to which the company should delete the word PICK from the company name. The court decision is binding.

In April the Annual General Meeting approves the proposal of the board to divide the profit and pay dividends. One-fifth of the HUF 1.1 billion is paid in dividends. The Annual General Meeting gives the authorisation to the board to raise the founding capital with a nominal value of maximum of HUF 450 million in order to enable the purchase of HERZ Salami Factory.

 

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