Croatia's Arena Hospitality faces shareholder push for higher dividend

Originally, the management of Arena Hospitality has proposed a dividend of 0.75 euro ($0.80) per share.

PBZ Croatia Osiguranje, has requested payment of a dividend of 1.65 euro per share. Since Arena Hospitality has enough liquidity, the dividend payment proposed by PBZ Croatia Osiguranje will not negatively impact the company’s financial stability, PBZ Croatia Osiguranje said in a counter-proposal filed by Arena Hospitality to the Zagreb bourse.

Allianz ZB has requested a dividend of 1.19 euro per share.

Arena Hospitality annual shareholders’ meeting will take place on April 25.

Allianz ZB said that funds that it manages own 707,740 shares of Arena’s capital.

Arena’s capital of 13.6 million euro is distributed in 5,128,721 shares.

PBZ Croatia Osiguranje did not specify the number of shares it holds in Arena Hospitality. Nonetheless, data from the Zagreb bourse reveals that one of PBZ Croatia Osiguranje's funds, PBZ CO OMF – Kategorija B, is the third largest shareholder in Arena, owning 8.60% of its capital.

Arena’s shares traded 1.84% lower at 32 euro on Thursday afternoon on the Zagreb bourse.

($ = 0.933 euro)