March 26 (SeeNews) - The contracts for the purchase of a 69.71% stake in Croatian tourism company Sunce Hoteli [ZSE:SUKC], signed by Eagle Hills Zagreb Real Estate with ventures controlled by local businessman Jako Andabak, are valued at about 101 million euro ($118.9 million), state news agency Hina reported.
The price was confirmed to Hina by Andabak, the news agency reported on Thursday.
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Earlier on Thursday, Sunce Hoteli said in a filing with the Zagreb Stock Exchange that its shareholder Lucidus, which is controlled by Andabak, has agreed to sell its 19.25% stake in the tourism company to Eagle Hills Zagreb, the Croatian arm of UAE-based real estate developer Eagle Hills, for 27.9 million euro.
Eagle Hills Zagreb announced on Tuesday it has agreed to buy the stake that Lucidus holds in Sunce Hoteli, as well as a 100% stake in Sunce Ulaganja, which holds a 50.46% interest in Sunce Hoteli, from Andabak and his family. Eagle Hills Zagreb is now obliged to launch a buyout bid for the remaining shares in Sunce Hoteli, it said.
Sunce Hoteli's share capital of 595.5 million kuna ($92.6 million/78.6 million euro) is divided into 5,954,585 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 traded flat at 176 kuna by 1300 CET on the Zagreb bourse on Friday.
(1 euro = 7.57465 kuna)