Zagreb Bank has reported via the Zagreb Stock Exchange that it has acquired the Umag-based Istraturist, in which it now holds 93.04 percent of the shares.
In the report on the acquisition of Istraturist, Zagreb Bank states that its takeover offer was accepted by 706 shareholders and that it has paid for and acquired 992,764 shares, representing 21.24 percent of the shares in the equity capital of the Umag hotel company.
After the takeover offer, Zagreb Bank holds a total of 4,349,400 shares of Istraturist, which represents 93.04 percent of its total equity capital or 93.04 percent of the shares with voting rights at the Istraturist general assembly.
At the end of October last year, Zagreb Bank reported its intention to publish a voluntary offer to acquire the remaining shares of the company Istraturist from Umag, of which it was then a 71.8 percent owner, at a price of 156 kuna per share. Hanfa approved the publication of the takeover offer at that price at the end of November. The offer from Zagreb Bank related to 1,318,359 shares of Istraturist.
Zagreb Bank also reported at that time that it had no intention of changing its ‘strategic plans for the future operations of the target company, nor the employment policy and labor status of the workers’ of Istraturist.
According to previously published data, Istraturist ended the first nine months of last year with a profit of 121 million kuna, which is 41.5 percent more than in the same period the previous year, due to an increase in revenue of 8.5 percent and a decrease in expenses of 0.6 percent.
