April 15 (SeeNews) - Croatian shipping company Jadroplov [ZSE:JDPL] completed its share capital reduction to 16.37 million kuna ($2.6 million/2.2 million euro) from 81.83 million kuna, it said on Thursday.
The capital reduction was entered into the court register on April 15, Jadroplov said in a filing with the Zagreb bourse.
In the operation, the nominal value of each of Jadroplov's 1,636,674 shares was cut to 10 kuna from 50 kuna.
Jadroplov plans to use the freed capital of 65.47 million kuna to cover most of its 76.17 million kuna loss accumulated as at the end of 2018, while the remaining loss of 10.7 million kuna will be covered from future earnings, according to an earlier statement by the company.
The company's shares closed up 4.6% at 20.4 kuna on the Zagreb bourse on Wednesday. They did not trade by 1400 CET on Thursday.
The government controls a 63.6% stake in Split-based Jadroplov through Croatia's Centre for Enterprise Restructuring and Privatisation, CERP. The Croatian Pension Insurance Institute, HZMO, owns 6.8%, also through CERP, while the remainder is held by other minority shareholders, Zagreb bourse data showed on April 15.
(1 euro = 7.5616 kuna)