December 28 (SeeNews) - Croatian hotel operator Sunce Hoteli [ZSE: SUKC] said on Tuesday it has raised 219 million kuna ($33 million/29 million euro) through a new share issue.
Out of the total amount raised, 119 million kuna of this sum to go towards a capital increase and the remaining 99.98 million kuna will be allocated to reserves, Sunce Hoteli said in a filing with the Zagreb Stock Exchange (ZSE).
The company offered for subscription 1,190,217 new shares with a face value of 100 kuna each at an issue price of 184 kuna. Following the issue, Sunce Hoteli's registered share capital will amount to 714.5 million kuna. The new shares will be listed on the ZSE.
Eagle Hills Zagreb Real Estate, the Croatian arm of UAE-based real estate developer Eagle Hills, had the right to subscribe up to 83.71% of the new shares, and pension fund management company Erste d.o.o. was entitled to subscribe up to 16.29% of the issue on account of the pension funds that it runs. Sunce Hoteli said earlier that the capital increase would be considered successful if at least 996,331 new shares are subscribed and paid for.
Last week, the company said it plans to invest 44.2 million euro ($50 million) next year to improve the quality of its services and boost capacities, with some 29 million euro of the investment amount to be covered with proceeds from the new share issue.
Eagle Hills Zagreb Real Estate controls almost 80% of Sunce Hoteli which operates 11 hotels, a camping ground and other tourism assets in Croatia. Most of its properties are managed and operated in-house, under the brand BlueSun Hotels and Resorts.
Shares of Sunce Hoteli last traded on the Zagreb bourse on Monday, when they closed 6.90% higher at 155 kuna.
(1 euro=7.517 Croatian kuna)