December 18 (SeeNews) - Croatia's state-owned fund for enterprise restructuring and privatisation, CERP, said it has decided to sell 1.49% of the share capital of blue-chip hotel owner and manager Valamar Riviera [ZSE:RIVP] on the Zagreb Stock Exchange.
The estimated value of the 1,878,769 shares for sale is 8.0 million euro ($8.7 million), CERP said in a statement on Friday.
You can subscribe to our M&A newsletter here
The shares can be sold en bloc on in smaller packages.
The government holds 1,982,834 shares in Valamar Riviera representing a stake of 1.57%. The company’s share capital totals 221.9 million euro divided into 126,027,542 shares without nominal value.
Following Friday's announcement by CERP, the Zagreb bourse put the shares of Valamar in the segment for monitoring on Monday morning. Valamar was the most traded stock by 1105 local time on the bourse as its shares changed hands 1.33% lower at 4.44 euro.
Valamar is Croatia’ leading tourism company operating hotels, resorts and camping resorts in Istria, the islands of Krk, Rab and Hvar, Makarska, Dubrovnik, and Obertauern in Austria. With over 21,000 commercial keys, Valamar’s 37 hotels and resorts and 15 camping resorts can welcome around 58,000 guests per day.
($ = 0.916 euro)