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Croatia's Adria Resorts merges into Adris Grupa

Author Iskra Pavlova
Croatia's Adria Resorts merges into Adris Grupa Author: Adris Grupa. License: All rights reserved.

ZAGREB (Croatia), September 11 (SeeNews) - Croatian hotel operator Adria Resorts is merging into its parent Adris Grupa [ZSE:ADRS], the diversified holding company said.

The contract for the merger was signed on September 10, Adris Grupa said in a filing with the Zagreb Stock Exchange (ZSE) on Tuesday.

Adris added that since it is the sole owner of Adria Resorts, the law does not oblige it to convene a meeting of its shareholders on the issue.

Still, any Adris Grupa shareholders whose combined stakes reach at least 20% of the group's share capital, can request the Adris management by October 10 to convene a shareholders' meeting in order to approve the merger contract.

Croatian national Ante Vlahovic is the largest single shareholder in Adris Grupa with a 17.17% stake, followed by the owner of a custodian account in Zagrebacka Banka controlling 10.91%. The remainder belongs to smaller shareholders, bourse data showed on Wednesday.

Adris Grupa's shares closed unchanged at 540 kuna ($81/73 euro) on the ZSE on Tuesday. The shares did not trade by 0902 CET on Wednesday.

(1 euro = 7.39595 kuna)