January 28 (SeeNews) - Croatia-based Meritus Ulaganja [ZSE:MRUL], the parent company of business process outsourcing (BPO) services provider M+ Group, said its shareholders have approved a planned recapitalisation by Luxembourg-registered Dragon Bidco.
The approval was granted at a January 27 shareholders meeting, Meritus Ulaganja said in a statement on Monday.
In particular, the shareholders have approved a subscription agreement and a shareholders agreement signed by Meritus Ulaganja, its subsidiary Meritus Upravljanje and Dragon Bidco on December 20.
Meritus Ulaganja provided no details of the planned capital hike.
Shares of Meritus Ulaganja have traded only once since they were listed on the Zagreb Stock Exchange (ZSE) on August 8, 2019, closing at 262 kuna ($39/35 euro) on October 1.
The two largest shareholders of the company are local businessman Manica Pirc Oreskovic with 29.14% and Stjepan Oreskovic with 29.13%, ZSE data showed on January 28.
Zagreb-based M+ Group is one of the largest BPO companies in the region with key clients in telecommunications, energy, and transportation, among others. It is present in Slovenia, Croatia, Bosnia and Serbia, employing more than 2,700 people and providing services to over 150 clients in more than 50 countries. M+ Group's international clients include Deutsche Telekom, Microsoft, RWE, Bosch, DHL, Siemens, Carlsberg, among others.
(1 euro = 7.44157 kuna)