ZAGREB (Croatia), August 16 (SeeNews) - Croatian businessman Denis Fuduric said he sold his entire majority share in wood processing company Finvest Corp to local parquet flooring producer Pan Parket for an undisclosed sum.
“I am proud that we managed to turn the company around, and bring it from the edge of the bankruptcy to the (quite decent!) profitability,” Fuduric said last week on its Linkedin profile.
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Fuduric acquired the Cabar-based Finvest Corp. five years ago.
Following the deal, Fuduric stepped down as chairman of the supervisory board of Finvest Corp. Pan Parket now owns 70.77% of Finvest Corp., figures from the central depositary agency showed on Tuesday.
According to local business magazine Lider, Pan Parket bought Denis Fuduric's 53.08% share in the company, and further 17.69% in it from another businessman, Silvio Galic. Finvest Corp ended last year with an 8.6 million kuna net profit ($1.17 million/1.15 million euro).
Pan Parket officials did not reply to a SeeNews e-mail seeking details of the deal by the time this story was published.
(1 euro=7.472 kuna)