The management of Petrokemija today invited interested investors to express their interest in subscribing for new shares of Petrokemija within 21 days, with payment in cash, assets, and rights.
As announced by the company, the invitation is based on the Government’s decision from September 24 of this year. The Government authorized the Ministry of Economy to vote at the Petrokemija general assembly for the acceptance of the revised restructuring plan, which would ensure the long-term stability of the Kutina fertilizer plant through recapitalization in cash, assets, and rights. This, as emphasized by Minister of Economy Ivan Vrdoljak at the Government session, saves Petrokemija, which has been incurring losses ranging from 50 to several hundred million kuna for years, but in the first half of this year, that loss was reduced to 15 million kuna.
The management of Petrokemija also states in the invitation that, in accordance with the revised restructuring and financial consolidation program of Petrokemija from 2015 to 2019, and considering the satisfactory results achieved by the Petrokemija Group in the first six months of this year, “it continues to implement the planned restructuring plan for which further implementation requires the execution of recapitalization during the next period.”
The management also believes that, for the continuation of normal operations and the implementation of the restructuring plan, recapitalization should optimally be carried out either by payment for new shares in cash or by exchanging creditor claims for ownership stakes in Petrokemija.
