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Croatia sells state stakes in Imperial, Suncani Hvar for 402 mln kuna (54 mln euro)

Author Maja Garaca
Croatia sells state stakes in Imperial, Suncani Hvar for 402 mln kuna (54 mln euro) Anja Pietsch/CC by 2.0

ZAGREB (Croatia), July 27 (SeeNews) - Croatia's state-run center for enterprise restructuring and privatization, CERP, said on Wednesday it has approved the sale of stakes in hotel operators Imperial and Suncani Hvar [ZSE:SUNH-R-A] to local Valamar Riviera [ZSE:RIVP-R-A] and Cyprus-registered PTR Prime Tourist Resorts, respectively, for a combined sum of 402 million kuna ($59.1 million/53.7 million euro).

CERP has accepted Valamar's bid to buy a 50.08% stake in Imperial for 260.8 million kuna and will launch the process towards concluding a sale and purchase agreement in the next few days, it said in a statement following a regular session.

The centre has also welcomed an offer made by PTR Prime Tourist Resorts for a 29.94% state stake in Suncani Hvar for 141.1 million kuna.

PRT, acting on behalf of its parent CPI Property Group, currently owns a 61.95% stake in Suncani Hvar and hopes to also acquire the remaining 8.11% held by small shareholders. Earlier this month, PTR Prime Tourist Resorts raised its initial offer for the 38.05% stake it did not already own in Suncani Hvar to 177.3 million kuna from 157.9 million kuna offered in June.

Imperial is based in the town of Rab on the Adriatic island of the same name, while Suncani Hvar operates eight hotels on Hvar island.

Earlier today, Croatia's PM Tihomir Oreskovic said revenues from privatisation, meant to trim the country's large public debt, reached 400 million kuna in January-June, while the planned sale of state stakes in hotel operators Suncani Hvar and Imperial could bring in a further 400 million kuna.

(1 euro=7.48417 kuna)

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