April 4 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said on Wednesday it signed a deal with the country's center for enterprise restructuring and privatisation, CERP, for the purchase of a 55.48% stake in local peer Hoteli Makarska.
With this agreement the buyer purchased 621,086 ordinary shares, each having a nominal value of 200.00 kuna ($33/26.9 euro), for a total of 172.7 million kuna, Valamar said in a statement.
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Valamar's bid for the Makarska stake was approved by CERP earlier. The company made the bid jointly with pension fund manager AZ.
Upon acquiring the purchased shares, Valamar will transfer an amount of shares representing 30.48% of Hoteli Makarska to AZ, it said.
After the transaction is completed, Valamar and AZ are due to jointly launch a buyout bid for the remaining shares in Hoteli Makarska, in accordance with the legal procedure.
The Valamar group runs hotels, apartment villages and campsites in Istria, in Dubrovnik and on the Adriatic islands of Krk and Pag.
($=7.43095 kuna)
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