Alvir wraps up sale of majority stale in Croatia's Zvecevo for 6.65 mln euro

Alvir sold 213,167 ordinary series A shares and 74,562 ordinary series B shares, each with a nominal value of 26 euro, at a price of 23.22 euro per share, in line with a sales contract signed on March 26, Zvecevo said in a filing to the Zagreb bourse. Currently, he has no other shares in Zvecevo, it added.

The filing did not name the buyer. However, law firm Soos Maceljski, Mandic, Stanic & Partneri has said that a company it represents, UAE-based Flexway DMC, through its Croatian subsidiary Flexway Adriatic, is buying a stake of 75.248% in Zvecevo from Alvir.

Zvecevo's capital of 9.9 million euro is distributed in 382,370 ordinary shares.

Flexway Adriatic is a project company set up by Flexway DMC in December.

Shares in Zvecevo ended at 15.20 euro, up 44.76% on Wednesday on the Zagreb bourse in a turnover of 27,065 euro.

($ = 0.935 euro)