November 9 (SeeNews) - Austrian stock exchange operator Wiener Broese AG said it plans to set up a holding company that will act as an umbrella for its group of exchanges, which consists of the bourses in Vienna, Budapest, Ljubljana and Prague.
"In the future the operating business will be managed by the individual country subsidiaries, with the holding company taking responsibility for financial management and administration of the operating companies. This structural change will enable Wiener Boerse AG to meet the requirements of its international strategy," the company said in a statement posted on its website.
The proposal, approved by the Supervisory Board, will be put to a vote at a Wiener Boerse AG general shareholders’ meeting in December and will have to be cleared by the relevant supervisory authorities, the statement said.
The Vienna bourse bought a 14% stake in the Budapest Stock Exchange in 2004 and later raised its holdings to 50.45%. It acquired an 81.01% stake in the Ljubljana bourse in June 2008 and a 92.7% stake in the Prague bourse later that year.