Highlights:
- The CROBEX dropped 4.7% to a second lowest level in 2008
- INA – Stock swap between MOL and government not to be conducted – press
- Varteks applies for government subsidies, while receiving HRK 2mn loan from city of
- Lucidus – 39.9% of founders’ capital collected in public tender
- AGM of Losinjska plovidba to be held December 15
market comment:
The Croatian equity market witnessed severe losses on Tuesday. Although it increased compared to the day before, market liquidity remained at still low levels. The market totaled HRK 33mn in regular turnover, with only eight stocks collecting more than HRK 1mn in total traded value. The CROBEX dropped 4.7% to 2,111 points, a lowest level in the last two weeks and the second lowest closing in 2008. Great majority of stocks traded on the market closed deeply in the red territory, with only two winners among top 30 turnovers. Biggest drops among high turnovers were seen by shipping company Atlantska plovidba, which plunged 9.2%, most in two weeks, and engineering company Koncar elektroindustrija, which lost 7.6%. Poor performances were seen in the construction sector as well, particularly by Ingra and Institut gradevinarstva Hrvatske, each losing 6.8%. Tourism holding company Dom Holding was the only significant winner among high turnovers on Tuesday, closing with a 2.2% growth.
market outlook:
Slight positive movements could be seen on the Croatian equity market on Wednesday.
Corporate news:
INA – Stock swap between MOL and government not to be conducted – press
According to Croatian daily Jutarnji list, referring to unnamed sources, the Croatian government and Hungarian oil and gas company MOL stopped negotiations on a stock swap of INA shares, due to the global financial turmoil. Negotiations are now directed toward matters such as defining a new shareholders agreement and the status of INA’s gas Business, Jutarnji list said. Bloomberg reported yesterday that MOL said gaining management rights in INA is more important than increasing its stake through a share swap with the government. Zsolt Hernadi, chairman of the board of MOL, said that the share swap is nice, but that it is not the most important thing, according to Bloomberg.
Varteks applies for government subsidies, while receiving HRK 2mn loan from city of Varazdin
The Croatian textile company applied for government subsidies for the textile industry in 2008. The financial injection will be given only to solid companies; hence, Varteks provided confirmation of its healthy performance and completed its restructuring process six days before the bidding deadline of November 10. In order to overcome the issue of short-term liquidity, the company received an HRK 2mn loan from the city of Varazdin, which will be used to pay wages.
Lucidus – 39.9% of founders’ capital collected in public tender
The public offer for shares of Lucidus at HRK 53 placed by Jake Andabak was accepted by 694 shareholders. Andabak was able to collect 1.01mn shares or a 39.89% stake in the company, which along with his current position gives him control over 62.33% of the company. Together with other jointly-acting partners Sanja Gagulic, the Sunce global tourist agency and Kristijan Gagulic, they hold a 72.77% stake in the company.
AGM of Losinjska plovidba to be held December 15
Croatian shipping company Losinjska plovidba announced on the Zagreb Stock exchange an AGM to be held on December 15. Key issues on the agenda are the acceptance of a study regarding the project Nautica hoteli Resort, amendments to the statute of the company, changes to the supervisory board and a decision on fees for members of the supervisory board. According to one proposal, the president of the supervisory board should receive HRK 4,300, while other members could be paid HRK 2,500.
Crobex (chart, table)
Top 10 Turnovers (table)
Top 5 Winners (table)
Top 5 Losers (table)
Croatian Equity Daily (table)
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Copyright: Erste Securities Zagreb, Croatian Equity Daily, Thursday, May 31, 2007 sales : Zeljka Kajkut-Brni Phone: +385 62 37 2811 kajkutz@erstebank.com Damir Eror Phone: +385 62 37 2813 erord@erstebank.com Research: Damir Cukman Phone: +385 62 37 2820 cukmand@erstebank.com Davor Spoljar Phone: +385 62 37 2825 dspoljar@erstebank.com
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