Croatia's Istraturist Umag management positive on ZABA's intent to support its business

In a bourse filing issued on Tuesday the management board of the takeover target company also expressed positive opinon on the intention of Zagrebacka Banka (ZABA) [ZSE:ZABA-R-A] to support the already adopted strategic plans of Istraturist Umag aimed at improving efficiency with the goal of keeping one of the leading positions in the tourism segment of the Croatian economy.

The takeover price for the shares of Istraturist Umag offered by ZABA is in line with the provisions of the Joint Stock Company Takeover Act, the management board of the hotel operator said in the filing.

Last week, ZABA said it plans to pay 156 kuna ($26.9/20.7 euro) for each Istraturist Umag’s share it does not already own. ZABA currently owns 3,356,636 ordinary shares in Istraturist Umag.

Istraturist Umag’s core capital is divided into 4,674,995 ordinary shares, each with nominal value of 100 kuna.

Croatia's financial regulator last month allowed Zagrebacka Banka (ZABA) [ZSE:ZABA-R-A] to place a takeover bid for the equity in Istraturist Umag it does not already own.

(1 euro = 7.5186 Croatian kuna)