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ZAGREB (Croatia), November 16 (SeeNews) - Croatia's mandatory pension fund AZ said on Wednesday it purchased a 7.89% stake in local hotel operator Liburnia Riviera Hoteli (LHR) [ZSE:LRH-R-A] for 82 million kuna ($11.7 million/10.9 million euro).
AZ thus increased its stake in Liburnia to 7.97%, it said in a statement.
The fund noted that investing in Croatian tourism is one of its strategic guidelines.
"This transaction is a continuation of the company's investment policy under which it is primarily buying larger stakes in selected companies or participating in their recapitalization", AZ explained.
On Tuesday, Liburnia said local financial group ICF is disposing of a 7.89% stake in it, or a total of 23,900 shares, with a nominal value of 54.97 million kuna. According to information from the Zagreb stock exchange, ICF held a 7.91% stake in Liburnia.
AZ pension funds - private and mandatory - are the largest institutional investors in Croatia. They manage assets exceeding 32 billion kuna.
LRH operates hotels in Opatija and Dubrovnik in Croatia and in Slovenia's Portoroz.
Liburnia's shares traded at 3,645.00 kuna as of 12.31 p.m. on Wednesday.
(1 euro=7.52042 kuna)