The AZ Mandatory Pension Fund reported on Wednesday that it has acquired 7.89 percent of the shares of Liburnia Riviera Hotels (LRH) for 82 million kuna, adding that investment in Croatian tourism is one of their strategic priorities.
– The AZ Mandatory Pension Fund executed the purchase of 7.89 percent of the shares of Liburnia Riviera Hotels d.d. on Wednesday, with a total transaction value of 82 million kuna. With this investment, AZ has increased its previous stake to nearly 8 percent (7.97 percent) of the company, according to the statement.
AZ states that investing in Croatian tourism is one of their strategic priorities and that the investment in LRH represents a continuation of implementing that strategy. It is, as added, a continuation of the investment policy where larger stakes in selected companies are primarily purchased or participation in recapitalizations occurs.
According to AZ data, the total assets under management of AZ pension funds exceed 32 billion kuna, and currently, over 620,000 Croatian citizens are saving for retirement in AZ mandatory pension funds.
On the Zagreb Stock Exchange on Tuesday, in a block transaction of Liburnia Riviera Hotels shares, the company ICF sold 23,900 shares, or 7.89 percent of the shares of this Opatija hotel company, at a price of 3,450 kuna per share, totaling 82.5 million kuna.
