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Croatia's INA, PPD acquire 54.5% stake in Petrokemija

Author Radomir Ralev
Croatia's INA, PPD acquire 54.5% stake in Petrokemija Petrokemija factory; Source: Petrokemija

ZAGREB (Croatia), November 9 (SeeNews) - Croatian fertiliser producer Petrokemija [ZSE:PTKM-R-A] said oil and gas company INA [ZSE:INA-R-A] and local group Prvo Plinarsko Drustvo (PPD) have jointly acquired a stake of 54.517% in its capital. 

INA and Prvo Plinarsko Drustvo subscribed for a total of 300 million kuna ($45.8 million/40.4 million euro) of 450 million kuna capital increase completed by Petrokemija last month through their joint venture Terra Mineralna Gnojiva, the fertiliser producer said in a filing to the Zagreb Stock Exchange on Thursday.

Petrokemija increased its capital by 450 million kuna by way of conversion of claims into share capital in October. Investors subscribed for a total of 45 million new Petrokemija shares of 10 kuna in par value apiece, the company said.

Following the registration of the capital hike with the Zagreb Commercial Court, Petrokemija will carry out a reverse stock split to reduce its capital by 392.6 million kuna to 100.3 million kuna.

Prvo Plinarsko Drustvo is a private company active in the import, sale, supply and distribution of natural gas.

(1 euro = 7.43009 kuna)