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Croatia's Varteks shareholders approve listing of two new share issues

Author Annie Tsoneva
Croatia's Varteks shareholders approve listing of two new share issues Varteks

ZAGREB (Croatia), September 28 (SeeNews) - Croatian luxury clothing producer Varteks [ZSE:VART] said on Tuesday that its shareholders approved a proposal to list two new share issues on the official market segment of the Zagreb Stock Exchange (ZSE).

The listing of an issue of 500,000 new shares and another issue of 420,000 new shares was approved following a decision by Varteks management to increase capital through conversion of rights into equity, the company said in a filing to the Zagreb bourse after an annual shareholders' meeting held on September 28.

The par value of each share from the two issues is 10 kuna ($1.6/1.3 euro).

Following the increase, the company's capital amounts to 50.27 million kuna, distributed in 5,026,686 shares. Currently, 4,106,686 Varteks shares with a par value of 10 kuna apiece are listed on the ZSE.

The company widened its net loss to 30.3 million kuna in 2020 from 9.7 million in 2019, as its revenue dropped to some 125 million kuna from 175.6 million kuna a year earlier.

Varteks shares last traded on the ZSE on Monday when their price dropped 5.33% to 7.10 kuna.

(1 euro = 7.501 Croatian kuna)

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