Croatia's Villa Dubrovnik takes over Dogus Marina Hoteli

With the deal signed on August 16, the Dubrovnik-based company will expand its offer of luxury services to another Adriatic region, Sibenik, Villa Dubrovnik said in a statement filed to the Zagreb bourse late on Monday.

Until now, Villa Dubrovnik and Dogus Marina Hoteli had both been in ownership of Dogus Croatia, part of Turkish holding group Dogus.

Last week, Croatian company for management of mandatory and voluntary pension funds Erste d.o.o. said that eight pension funds which it represents acquired 89.60% interest in Villa Dubrovnik and are obliged to make a tender offer to minority shareholders.

The pension funds, as buyers, and Dogus Croatia and Dutch-registered Martimus, as sellers, signed on August 10 an agreement for the acquisition of 743,685 ordinary shares of Villa Dubrovnik of 100 kuna in par value apiece.

Shares of Villa Dubrovnik were listed on the Zagreb bourse's regular market on June 24. So far, only two deals in the shares have taken place at 52.20 kuna per share.

(1 euro= 7.489 kuna)