May 26 (SeeNews) - In Zagreb story "Croatia's Arena completes IPO, raises 790 mln kuna (106 mln euro)" dated May 26 please read in the headline "Croatia's Arena completes public offering, raises 790 mln kuna (106 mln euro)" (corrects term).
Please, note that the first paragraph has also been corrected to comply.
A corrected version follows:
Croatian hotel operator Arena Hospitality Group, formerly Arenaturist, said on Friday it has successfully completed a public offering of shares, raising 788.4 million kuna ($119.2 million/106.1 million euro).
Following the public offering to Croatian and international investors, Arena will issue 1,854,971 ordinary shares at a price of 425 kuna apiece, and their trading in Zagreb will commence on or around June 6, the company said in a filing with the Zagreb Stock Exchange.
The company plans to use the proceeds from the offering to accelerate the implementation of its capital investment plan aimed at upgrading a number of properties in Croatia and funding an expansion in Central and Eastern Europe, Arena said.
Arena will also exercise an option to acquire the remaining 12% of the interest in Sugarhill Investments B.V. from the PPHE Hotel Group Limited, gaining an indirect control of its operations in Germany and Hungary, and will repay and refinance debt.
"Following a successful road show during which our team visited existing and potential investors in cities such as Zagreb, Ljubljana, London, Stockholm, Tallinn and Vienna, our shareholder base has been expanded. We are pleased that approximately 20% of the new shares were subscribed by international investors," Boris Ivesha, Arena board chairman, said in the statement.
Upon the completion of the issue, PPHE Hotel Group Limited will get 141,883 new shares, and will indirectly own 51.97% of Arena’s share capital.
In December, Arena acquired from PPHE Hotel Group Limited 88% of its German and Hungarian operations, consisting of seven ParkPlaza and art’otel branded hotels. As at December 31, Arena owned, co-owned, leased or managed 15 hotels, four self-catering holiday apartment complexes and eight campsites.
Arena’s public offering is the first international public offering by a Croatian tourism company and the largest fundraising by a Croatian company since 2007.
(1 euro = 7.42763 kuna)