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Leadership Changes at Ultima Capital as Hungarian Central Bank Overhauls Investments

The Hungarian Central Bank's renewed leadership initiates a series of changes within its Swiss real estate interests, including Ultima Capital.
Recent developments at Ultima Capital S.A., a Swiss luxury real estate development and management company, highlight significant leadership changes as part of a broader restructuring effort by Hungary's central bank, the Magyar Nemzeti Bank (MNB), under the direction of President Mihály Varga.

Following the replacement of management within the Pallas Athéné Domus Meriti Alapítvány (PADME) and its asset management entity, Optima, MNB's current leadership continues to shift personnel tied to its investments, which includes overseas interests such as Polish real estate company GTC S.A.

On June 5, Ultima Capital announced the departure of its previous CEO, Petar Krstic, effective July 1, 2023, and the appointment of Martin Vossen as the new Chief Executive Officer.

Vossen brings three decades of experience in luxury real estate management, having previously led one of the largest companies in the Maldives.

Krstic will remain associated with Ultima as part of the board of directors.

In conjunction with these management changes, Ultima also disclosed plans for a shareholders' meeting on June 30, during which two Hungarian nominees may be elected to the board: István Hegedüs, the new director of Optima, appointed under Varga's tenure, and István Réczicza, a partner at Dentons Law Firm, which has previously collaborated with Optima on transactional matters.

The meeting agenda will address several key issues, including the potential for the Greek billionaire Johannis Papalekas, who controls the majority of the shares of Ultima through his Cyprus-based Yoda PLC, to consolidate his position at a significantly lower price than that initially paid by the Hungarian foundation, at 60 Swiss francs per share compared to the 100 Swiss francs initially invested.

Notably, Yoda PLC aims to propose the contribution of the Nammos Mykonos package from Greece during the upcoming shareholders' meeting.

The current board members, including László Gut and Petar Krstic, have chosen not to seek re-election, opening the path for Hegedüs and Réczicza to join.

The financial implications of these developments are significant, as market analysts contemplate the valuation of Ultima shares relative to the investment strategies adopted by both the Hungarian foundation and Papalekas.

Discussions surrounding the future ownership structures and financial performance of Ultima Capital are expected to draw heightened attention as the MNB evaluates its long-term strategy for the Swiss investment portfolio.
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