March 29 (SeeNews) - Eagle Hills Zagreb Real Estate, the Croatian arm of UAE-based real estate developer Eagle Hills, acquired a 69.71% stake in local tourism company Sunce Hoteli [ZSE:SUKC] from ventures controlled by local businessman Jako Andabak, Sunce Hoteli said.
The real estate developer purchased a 100% stake in Sunce Ulaganja, which holds a 50.46% interest in Sunce Hoteli, from Andabak and his family, and a 19.25% stake in Sunce Hoteli from Lucidus, which is also controlled by Andabak, Sunce Hoteli said in a bourse filing on Friday.
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The contracts for the purchase of a 69.71% stake in Sunce Hoteli are valued at about 101 million euro ($119 million), state news agency Hina reported last week.
Eagle Hills Zagreb announced it has signed agreements to buy the controlling stake in Sunce Hoteli earlier in March. Eagle Hills Zagreb is obliged to launch a buyout bid for the remaining shares in Sunce Hoteli, it said back then.
Sunce Hoteli's share capital of 595.5 million kuna ($92.6 million/78.5 million euro) is divided into 5,954,585 ordinary shares of 100 kuna in par value each.
Sunce Hoteli operates 11 hotels, a camping ground and other tourism assets in Croatia. Most of its properties are managed and operated in-house, under the brand BlueSun Hotels and Resorts.
Shares in Sunce Hoteli traded flat at 176 kuna by 1130 CET on the Zagreb bourse on Monday.
(1 euro = 7.56437 kuna)