June 13 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Tuesday it intends to buy back up to 400,000 of its ordinary shares, representing 4.16% of its stock, and up to 400,000 of preferred shares, or 5.90% of the total.
Adris has invited shareholders to submit their binding offers for the share repurchase, under which it is willing to pay between 520.30 and 575.10 kuna ($78.8/70.2 euro-$87/77.6 euro) for each ordinary share and between 432.10 and 477.60 kuna for each preferred share, the group said in a Zagreb bourse filing.
The deadline for submitting bids is June 19.
The transactions will be carried out on the regulated market of the Zagreb Stock Exchange as block deals. According to the ZSE rules, the minimum price of a transaction is 2 million kuna.
In 2015, Adris Grupa said it intended to list abroad in 2018, adding it planned to invest over 4 billion kuna in 2016-2018 in order to increase the valuation of its existing operations.
(1 euro=7.41147 kuna)