November 23 (SeeNews) - The shareholders of Croatian diversified holding company Djuro Djakovic [ZSE:DDJH] have approved the borrowing of 95 million kuna ($14.7 million/12.8 million euro) from the country's development bank, HBOR, the company said.
The financing will be used to optimise the company's debt structure and improve its financial position, Djuro Djakovic said in a filing to the Zagreb Stock Exchange on Thursday.
The company also cancelled a previous decision for a capital hike of up to 100 million kuna, to 303.1 million kuna, via a new share issue.
Last month, Djuro Djakovic signed an agreement to receive a 95 million kuna loan from HBOR, to be used for the purposes of financial consolidation, working capital needs and debt restructuring. Croatia's government approved the issue of a 76 million kuna guarantee covering 80% of the value of the loan.
The loan must be repaid in 32 quarterly instalments starting June 30, 2021.
The share capital of Djuro Djakovic amounts to 203.1 million kuna divided into 10,153,230 shares with a nominal value of 20.00 kuna apiece. The Croatian state controls a 37.86% stake in the company's capital.
(1 euro = 7.4341 kuna)