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Croatia's Badel 1862 to take over Vinoplod - report

Croatia's Badel 1862 to take over Vinoplod - report Author: Badel 1862. License: All rights reserved.

ZAGREB (Croatia), July 2 (SeeNews) - Croatian alcoholic beverages producer Badel 1862 [ZSE:BD62] will buy a 95% stake in local winery Vinoplod for 4.5 million kuna ($686,930/608,480 euro) in a recapitalisation process, local media reported.

Vinoplod will also cut its equity capital from 29 million kuna to 222,900 kuna in order to cover losses for previous years, business news portal reported on Monday, quoting a decision by the company's shareholders taken last week.  

Vinoplod will continue production at its current location and keep its 62 workers and brands portfolio. 

Badel's shares closed at 11.10 kuna on Monday on the ZSE, down 14.62% from Friday's close.

(1 euro = 7.3957 kuna)