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Sep 19, 2007 11:05 EEST
September 19 (SeeNews) - Croatian toy and clothing retailer Magma listed on Wednesday 25 million kuna ($4.8 million/3.4 million euro) of commercial papers on the Zagreb Stock Exchange (ZSE), the bourse said.
The issue matures on March 18, 2008, the ZSE said in a statement. Croatian commercial bank Privredna Banka Zagreb (PBZ) acts as issue manager.
The issue is the fourth tranche of a corporate programme under which Magma should have in circulation 125 million kuna of commercial papers to finance its short-term needs and its further development
Commercial papers, which have also been issued by several other Croatian companies, are unsecured, short-term instruments issued by corporations, typically to meet short-term liabilities.
Magma's shares debuted on the ZSE in the beginning of August. The company offered a quarter of its shares at the initial public offering, which was almost five times oversubscribed.
Magma's shares are to be added to the ZSE blue-chip Crobex index as of next week.
Magma runs toy, fashion and sports equipment stores in Croatia and neighbouring Bosnia, Serbia and Slovenia, as well as in Montenegro.
The company also distributes fast moving consumer goods and sells clothing under its own fashion trademarks and other trademarks.
(1 euro= 7.3231 Croatian kuna)
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