In just five working days, ending Tuesday of this week, Zadar’s Tankerska plovidba spent over 230 million kuna in several block transactions on the Zagreb Stock Exchange to purchase shares of its subsidiary, Tankerska Next Generation (TNG). This corporate action raised the TNG share price on the exchange in regular trading from 63 kuna to 78.40 kuna, alongside solid trading volumes, which at least slightly warmed up the overall trading, which was otherwise marked by a decline to the lowest level since the end of February last year.
Tankerska plovidba has evidently decided to fully reintegrate TNG into its fold. Recall that at the beginning of 2015, TNG launched an initial public offering during which 208 million kuna was raised. Tankerska plovidba retained a 51.54 percent ownership stake in TNG, which it maintained until a week ago when it began to significantly increase it. Of the shares offered in the initial public offering, 54 percent were subscribed by pension funds, 19 percent by small investors, 15 percent by investment funds, and 12 percent by insurers. In the meantime, small investors have mostly sold their stakes to pension funds, from which Tankerska plovidba is now buying.
So far, it has been officially announced that Erste and Raiffeisen pension fund management companies sold their TNG share packages to Tankerska plovidba. Erste sold its shares in TNG (9.84 percent) in three blocks, with a total value slightly above 72 million kuna, while the block transaction of Raiffeisen’s stake (13.66 percent) was worth 89.5 million kuna. The seller from the block transaction executed this Tuesday, amounting to 70 million kuna, is currently unknown. In that transaction, the price per share was 78 kuna.
It can be roughly estimated that Tankerska plovidba now holds about 90 percent of the shares in TNG, leading to the conclusion that a decision to withdraw TNG shares from the Zagreb Stock Exchange will soon follow.
