The Government Excluded Nearly 14 Percent of Shares of Hotel Makarska from Sale

The government decided on Thursday to exclude 151,886 ordinary shares of Hotel Makarska from sale, which represent 13.56 percent of the company’s share capital, so that the Center for Restructuring and Sale (CERP) can fulfill its obligation to previous owners for confiscated property.

‘These shares of Hotel Makarska that are excluded from sale, with an individual nominal value of 200 kuna, are nominally worth a total of 30.37 million kuna and represent 13.5 percent of the total share capital. They are excluded from sale so that CERP can fulfill its obligation for confiscated property that has been entered into the share capital of these Hotels,’ explained Minister of State Property Goran Marić at the session.

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Following this government decision, CERP is authorized to transfer to previous owners the real estate that has entered the share capital, and those owners will be determined by the authorized holders of the right to compensation through an administrative act of the competent state administration office and based on the Law on Compensation for Confiscated Property during the Yugoslav Communist Rule.

CERP will transfer shares of Hotel Makarska to those owners in the amount of the individually determined right to compensation.

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Until recently, Hotels Makarska were in majority state ownership, and after the privatization process, CERP signed a contract with the hotel company Valamar Riviera at the beginning of April, transferring 55.4 percent of the state shares of that company to Valamar, which Valamar pays 172.6 million kuna.

At the same time, Valamar representatives announced that they would publish an offer to acquire the remaining shares within the legal deadlines.

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In the ownership structure of Hotel Makarska, after this acquisition, according to the latest data from the Zagreb Stock Exchange, Valamar holds a total of 55.48 percent of the shares, while the next largest individual shareholder is the Meat Industry Braća Pivac, which holds 19.56 percent, and CERP or the state with 15.25 percent, of which 13.56 percent is now excluded from sale.

Other small shareholders have shares of 1.73 percent or less.