December 4 (SeeNews) - Croatian corporate management company CIAK Grupa said it is inviting investors to subscribe for its planned capital hike of up to 72.2 million kuna ($11.6 million/9.6 million euro) by way of initial public offering on the Zagreb Stock Exchange (ZSE).
Investors can subscribe for the new 7,218,825 shares on offer on December 10 and 11. The shares have no nominal value and are offered for sale at 35 kuna each, CIAK said in a public invitation filed with ZSE on Thursday.
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The public offering will be considered successful if at least 5,085,183 new shares are subscribed for.
Under the plan, the group's capital will be raised by up to 72.2 million kuna to 206.3 million kuna.
Subject to the success of the public offering, CIAK Grupa will request the listing of the new shares and of its existing 13,406,390 shares on the official market of the ZSE. This is expected to take place later this month or in January 2021, once it receives ZSE's approval for the listing.
Zagreb-based CIAK Grupa has subsidiaries in Croatia, Slovenia, Serbia and Bosnia, and is active on the markets of the Czech Republic, Poland, and Italy, among others, according to its prospectus posted on the ZSE website. The main line of business of its units is the distribution of car parts, car batteries and oils; waste management and recycling; and wholesale.
In Croatia, it is a leading distributor of car parts and accessories with over 100 points of sale and runs four hazardous waste management centres as well as a battery recycling centre.
The group is controlled by Croatian citizen Ivan Leko and his family.
(1 euro = 7.54540 kuna)