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Croatia's Crni celik offers to acquire over 50% of Djuro Djakovic via cap hike

Croatia's Crni celik offers to acquire over 50% of Djuro Djakovic via cap hike Djuro Djakovic headquarters; Source: Djuro Djakovic

ZAGREB (Croatia), September 13 (SeeNews) - Croatian diversified holding company Djuro Djakovic [ZSE:DDJH] said on Wednesday that Zagreb-based Crni celik has made a binding offer to subscribe for a 250 million kuna ($40.1 million/33.5 million euro) capital hike, which will make it majority shareholder. 

The transaction will be proposed for approval to the general shareholders meeting of the company on September 21 and will allow Crni celik to take control of more than 50% shareholding interest in the capital of Djuro Djakovic, the diversified holding company said in a filing with the Zagreb Stock Exchange (ZSE).

Currently, the Croatian government is the largest shareholder of Djuro Djakovic with a 22% stake, according to data of the ZSE.

Crni celik conditioned its binding offer on exempting the company from obligation to publicly announce the launch of a takeover bid. 

The founders of Crni celik, a company with a capital of 20,000 kuna, are Kuwaiti citizen Hamad Al-Wazzan and Canadian citizen Steve Daskos, according to data of the register of Croatian companies. Al-Wazzan also serves as managing director of Kuwaiti company Al-Wazzan Group, a diversified group active in the healthcare, real estate, construction and retail sectors.

The capital hike will be made through issuing new shares, each at a price equal to its nominal value of 20 kuna, and will create the needed basis for expansion abroad, Djuro Djakovic noted.

After the completion of the capital hike, Crni celik will have the right to name four of seven supervisory board members of Djuro Djakovic, the diversified holding company said. 

Last month, Djuro Djakovic said it successfully raised its capital by 51.13 million kuna to 203.06 million kuna, following the issuing of new shares. Investors subscribed for 2,556,546 new ordinary shares, with a nominal value of 20 kuna each. However, the company said it believes that the sum is insufficient to ensure its financial stability. 

The diversified holding company currently has 7,596,684 shares in free float on the Zagreb bourse.

As at 1256 CET on Wednesday, Djuro Djakovic shares traded 9.56% higher at 28.32 kuna.

(1 euro = 7.46597 kuna)

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