April 13 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] has said it completed the transfer of a 30.48% stake in the capital of local sector player Hoteli Makarska to pension fund manager AZ.
The transaction involved 341,218 shares in Hoteli Makarska with a nominal value of 200 kuna ($33.2/26.9 euro) apiece and was carried out on the over-the-counter (OTC) market of the Zagreb Stock Exchange, the company said in a bourse filing on Thursday.
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Earlier this month, Valamar Riviera said it acquired a 55.48% stake in Hoteli Makarska for a total of 172.7 million kuna from the country's centre for enterprise restructuring and privatisation, CERP. The company made the bid jointly with AZ.
The buyer purchased 621,086 ordinary shares in Hoteli Makarska and said it will transfer an amount of shares representing 30.48% of Hoteli Makarska to AZ.
After the transaction is completed, Valamar and AZ are due to jointly launch a buyout bid for the remaining shares in Hoteli Makarska, in accordance with the legal procedure.
The Valamar group runs hotels, apartment villages and campsites in Istria, in Dubrovnik and on the Adriatic islands of Krk and Pag.
(1 euro = 7.42071 kuna)