The Croatian Financial Services Supervisory Agency (HANFA) approved on Friday the tourist company Valamar Riviera and the AZ pension fund management company to publish an offer to acquire the remaining shares of the Rab-based Imperial, at a price of 819 kuna per share.
In September of this year, the Republic of Croatia, the State Agency for Deposit Insurance and Bank Rehabilitation, the Croatian Pension Insurance Institute, and the Center for Restructuring and Sale signed a contract with Valamar for the acquisition of 318,446 ordinary shares of Imperial, representing 50.08 percent of the total number of shares.
These shares were transferred to Valamar in October, after it paid the agreed price of 260.8 million kuna for them. By concluding this contract, Valamar became obligated to publish an offer to acquire the remaining shares, in which it acts jointly with the AZ fund.
Together with the 60,069 ordinary shares of Imperial previously acquired by AZ, the bidders hold 378,515 ordinary shares of the Rab company, which represents 59.53 percent of the share in the equity capital, as emphasized by HANFA.
The equity capital of Imperial, amounting to 254.34 million kuna, is divided into a total of 635,855 ordinary shares, marked HIMR-R-A, with a nominal value of 400 kuna per share.
Imperial is the most important hotel and tourism company on the island of Rab and one of the more significant ones in Kvarner, established in 1965, and today has accommodation capacity of just over 7,500 beds, of which 1,305 are in hotels (Grand Hotel Imperial, Carolina, Eva, and Padova), 1,170 in tourist resorts (TN San Marino and TN Suha Punta), 38 in villas, while there are 5,000 places in two camps (San Marino and Padova 3).
At the close of the stock exchange on Friday, the price of Imperial’s share was 800 kuna.
