May 23 (SeeNews) - Croatian pension fund managers PBZ Croatia Osiguranje and Erste will invest 450 million kuna ($71.3 million/60.9 million euro) in local hotel operator Jadran, after jointly acquiring a majority stake in the company, the tourism ministry said.
The two owners will also recapitalise Jadran with 200 million kuna, the tourism ministry said in a statement on Tuesday. They did not provide a timeframe for the planned investments.
PBZ Croatia Osiguranje and Erste purchased a 70.74% stake in Jadran from the country's state-run Centre for Enterprise Restructuring and Privatisation (CERP) for 199.8 million kuna.
The two pension funds appointed a new supervisory board at the hotel operator on Tuesday, ahead of the planned changes.
Jadran exited bankruptcy proceedings in 2014, following which the Croatian state and CERP became its largest shareholders with a combined stake of over 70%.
(1 euro=7.38761 kuna)