January 16 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Tuesday it intends to buy back up to 246,000 of its ordinary and preferred shares, representing 1.5% of its stock.
Adris has invited shareholders to submit binding offers for the share repurchase, under which it is willing to pay between 484.13 and 520.00 kuna ($79.7/65.1 euro-$85.5/70.0 euro) for each ordinary share and between 438.71 and 470.00 kuna for each preferred share, the group said in a filing to the Zagreb Stock Exchange (ZSE).
The deadline for submitting bids is January 22.
The transactions will be carried out on the regulated market of the ZSE as block deals. According to the ZSE rules, the minimum price of a transaction is 2 million kuna.
InterCapital securities has been authorised to lead the share buy back, Adris said.
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=7.43301 kuna)