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Croatia's Braca Pivac raises stake in Kras to 50.4%

Author Iskra Pavlova
Croatia's Braca Pivac raises stake in Kras to 50.4% Author: Kras. License: All rights reserved

ZAGREB (Croatia), January 21 (SeeNews) - Croatian meat producer Braca Pivac said it has raised its stake in local confectionery producer Kras [ZSE:KRAS] to 50.39%.

Braca Pivac exceeded the 50%-ownership threshold in Kras on December 23 as a result of a share purchase contract, and now controls 755,189 Kras shares, or a stake of 50.39%, it said in a filing with the Zagreb bourse on Monday, without elaborating.

It was not immediately clear what was the size of Braca Pivac's stake in Kras prior to the increase. Yet, in the beginning of December, its holdings in Kras rose to 49.27% from 30.73% following a buyout bid and the acquisition of Kras ESOP's 18.45% stake in Kras. 

According to January 21 bourse data, Cyprus-registered Kappa Star, owned by Serbian businessman Nebojsa Saranovic, is the second largest shareholder in Kras with 28.11%, followed by Kras itself with 5.10%. The remainder belongs to smaller shareholders.

Kras shares closed down 0.60% at 835 kuna ($125/112 euro) on the Zagreb bourse on Monday.

(1 euro = 7.43643 kuna)