September 4 (SeeNews) - Croatian hotel operator Jadran said it is cutting its capital by 208.8 million kuna ($32.5 million/28.1 million euro) to 282.5 million kuna by merging its shares.
Jadran will cut its capital from the current 491.3 million kuna by merging three ordinary shares into one, which will carry the JDRN-R-B ticker symbol, the company said in a Zagreb bourse filing on Monday.
Following the transaction, Jadran will have a total of 16,377,223 listed shares.
Last month, Croatian pension fund management companies PBZ Croatia Osiguranje and Erste increased their joint stake in Jadran by 10.08% to 80.82% following a successful takeover bid.
PBZ Croatia Osiguranje and Erste earlier purchased a 70.74% stake in Jadran from the country's state-run Centre for Enterprise Restructuring and Privatisation (CERP).
Jadran exited bankruptcy proceedings in 2014, following which the Croatian state and CERP became its largest shareholders with a combined stake of over 70%.
(1 euro=7.4298 kuna)