CO submitted an offer for 25 percent of Pozavarovalnica Sava

The largest Croatian insurer, Croatia osiguranje, reported today that it has submitted an offer to acquire shares of the Slovenian insurance company Pozavarovalnica Sava in the process of recapitalization.

The intention of Croatia osiguranje is to acquire a 25 percent stake in the core capital of Pozavarovalnica Sava following the completed recapitalization process of that insurance company, as stated in the announcement from Croatia osiguranje.

The insurance company reports that it has submitted an offer to acquire shares of Pozavarovalnica Sava d.d. from Ljubljana in the recapitalization process, according to the prospectus for the offer of new shares of that company from May of this year.

Croatia osiguranje has submitted the necessary documentation for participation in the transaction to the issuing agent, ALTA Invest from Ljubljana, as stated in the announcement.

According to information from the Pozavarovalnica Sava website, in the recapitalization process, the insurance company is raising 55 million euros in additional capital by issuing 7,857,143 new shares at a price of 7 euros per share.

The recapitalization was conducted in three rounds and lasted from May 23 to June 21 of this year. In the first round, new shares were offered to existing shareholders, in the second to small investors from Slovenia, while in the third round, which ended on Friday, June 21 at noon, large investors from Slovenia and other EU member states, institutional investors from Slovenia, Croatia, the EU, and the USA, as well as the EBRD, as a ‘invited investor’, had the right to participate.

In all three rounds, a total of 447 investors subscribed for a total of 13,289,619 new shares with a total value exceeding 93 million euros, meaning that the number of shares subscribed by domestic, i.e., Slovenian, and foreign investors is 69 percent higher than the offered number of new shares.

Currently, the process of allocating new shares to investors in the third round of recapitalization is underway, and the announcement of the allocated new shares will be published around July 8 of this year.