August 30 (SeeNews) - Chinese company Luxury Real Estate plans to hike the share capital of the company operating Croatia's port of Zadar under concession by up to 8 million euro ($9.5 million) and increase its current 24% stake, local media reported.
Luxury Real Estate has scheduled a shareholders meeting of Luka Zadar for August 31, when it plans to discuss the planned capital increase, Croatian news portal Poslovni.hr reported on Tuesday.
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The Chinese company has, however, angered minority shareholders by suggesting they will be denied preemptive rights in the process. In response, they have filed criminal charges to the competent institutions in Croatia and Slovenia. According to Poslovni.hr, the biggest shareholder of Luka Zadar is a Slovenian national.
Poslovni.hr noted it has since received information that the agenda for the shareholders meeting will now be amended to allow all shareholders preemptive rights.
Luka Zadar needs fresh capital after three financially rough years, which have barred it from fulfilling its obligations under the 25 year concession contract.
($=0.838412 euro)