December 27 (SeeNews) - Croatia-based Meritus Ulaganja [ZSE:MRUL], the parent company of business process outsourcing (BPO) services provider M+Group, said it has signed an agreement with Luxembourg-registered Dragon Bidco envisaging Meritus Ulaganja's recapitalisation.
Meritus with its subsidiaries and Dragon Bidco signed on December 20 an investment agreement and an agreement regulating the relationship between the company members, foreseeing the recapitalisation of Meritus Ulaganja, the Croatian company said in a statement with the Zagreb bourse.
It provided no details on the signed contracts and the planned capital increase, saying its shareholders need to approve the signed contracts at a January 27 general assembly.
All price sensitive information will be announced after obtaining the shareholders' approval, the statement said.
Zagreb-based M+Group is one of the largest BPO companies in the region with key clients in telecommunications, energy, and transportation, among others. It is present in Slovenia, Croatia, Bosnia and Serbia, employing more than 2,700 people and providing services to over 150 clients in more than 50 countries. M+Group's international clients include Deutsche Telekom, Microsoft, RWE, Bosch, DHL, Siemens, Carlsberg, among others.
Meritus Ulaganja's shares traded on the Zagreb Stock Exchange only once since they were listed there on August 8, 2019, closing at 262 kuna ($39/35 euro) on October 1 with 90 stock changing hands.
Its two largest shareholders are local businessman Manica Pirc Oreskovic with 29.14% and Stjepan Oreskovic with 29.13%, while the remainder belongs to smaller shareholders, bourse data showed on December 27.
The company's share capital of 85.78 million kuna is divided into 857,805 shares.
(1 euro = 7.44417 kuna)