October 30 (SeeNews) - Croatian diversified holding company Djuro Djakovic [ZSE:DDJH] said it has suspended its capital hike process after less then 12.5 million shares were subscribed for, rendering the process unsuccessful.
During the subscription period, which ended on October 27, investors subscribed for 256.6 million kuna in shares ($39.7 million/34.1 million euro), but only paid for 6.6 million kuna due to technical issues, Djuro Djakovic said in a statement late on Friday.
The company noted it will continue to look for fresh capital, while focusing on its business operations, restructuring process and improving its current liquidity.
Djuro Djakovic extended twice the subscription period under its capital hike process, which was originally meant to last between between October 9 and 20.
The company had planned to raise its capital by 250 million kuna to 453.06 million kuna.
Last month, Djuro Djakovic successfully increased its capital by 51.13 million kuna to 203.06 million kuna. Investors subscribed for 2,556,546 new ordinary shares, with a nominal value of 20 kuna each, under a capital hike call launched in July.
(1 euro=7.5181 kuna)