ZAGREB (Croatia), August 2 (SeeNews) – Eagle Hills Zagreb Real Estate, the Croatian arm of UAE-based real estate developer Eagle Hills, increased its stake in Croatian hotel operator Sunce Hoteli [ZSE: SUKC] by 10.28% to 79.99% in a buyout bid, law firm Savoric i Partneri said on Monday.
The majority shareholder acquired 612,133 shares of Sunce Hoteli through its buyout offer which was accepted by 532 shareholders, the law firm, which represents Eagle Hills Zagreb Real Estate, said in a filing with the Zagreb Stock Exchange.
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Eagle Hills Zagreb Real Estate launched the buyout bid in June jointly with its affiliated companies and individual Mohamed Ali Rashed Alabbar. The company targeted the acquisition of 1,803,493 shares in Sunce Hoteli, representing a stake of 30.29%.
Eagle Hills Zagreb Real Estate offered to pay 184.12 kuna ($29.19/24.56 euro) per share in the buyout bid, equal to the price for which it bought 69.71% of Hoteli Sunce from Croatian businessman Jako Andabak and his family for 101 million euro in March.
Sunce Hoteli's share capital of 595.5 million kuna is divided into 5.95 million ordinary shares of 100 kuna in par value each.
Sunce Hoteli 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 in Sunce Hoteli last traded on the Zagreb bourse on July 20, when they closed unchanged at 180 kuna.
(1 euro = 7.496 Croatian kuna)