You have 5 free articles left this month. Get your free Basic subscription now and gain instant access to more.

Croatia's Jadroplov new management puts on hold share sale

Author Annie Tsoneva
Croatia's Jadroplov new management puts on hold share sale Photo: Croatia's Jadroplov

ZAGREB (Croatia), September 13 (SeeNews) - The newly-appointed management of Croatian majority state-owned shipping company Jadroplov [ZSE:JDPL] said it will put on hold the company's ongoing capital increase through a share offering announced last month by the previous management.

The capital increase has been halted until the company decides whether the phases of this process which have been completed so far are in line with the company's internal rules and the applicable regulations and until an assessment of its effect on the company's operations in the context of the market conditions is carried out, the company said in a filing to the Zagreb bourse after the end of the trading session on Friday.

Following the announcement, the bourse said on Monday that trading with the company's shares will resume later in the day, after being suspended on September 2 due to unconfirmed information regarding the capital increase.

Earlier this month, Jadroplov's supervisory board appointed Ivan Pavlovic as CEO with a five-year term.

According to local media reports, the supervisory board considers the terms of the capital increase unfavourable in view of a recent increase of cargo fares for shipping companies.

The previous management intended to offer the new shares for subscription at a price of 26 kuna per share.

The company's shares traded at 61.50 kuna ($9.7/8.2 euro), up 9.82%, intraday on Monday.

(1 euro = 7.477 Croatian kuna)