March 13 (SeeNews) - Polish Investor OT Logistics (OTL) has increased its stake in Croatia's largest seaport operator Luka Rijeka [ZSE:LKRI] to 24.98% before its planned exit from the company, bourse data showed on Monday.
On March 8, OT Logistics has taken over 2,360,924 shares in Luka Rijeka from Polish venture capital fund Rubicon Partners, according to a statement by law company Divjak, Topic, Bahtijarevic I Krka, which represents OT Logistics, forwarded by Luka Rijeka to the Zagreb bourse.
You can subscribe to our M&A newsletter here
The statement does not disclose the value and the purpose of the deal.
On February 17, OTL confirmed to SeeNews that it has signed a preliminary agreement to sell the stake of 25.38% in Luka Rijeka which OTL and Rubicon Partners own among themselves to Czech company Port Acquisitions for 26.34 million euro. Back then, OTL alone held 1,060,300 shares in the Croatian company.
Last month OTL said that it expected to finalise the transaction with the Czech investor by March 23.
Luka Rijeka's shares traded 5.64% lower intraday on Monday on the ZSE, at 9.20 euro.
The Croatian government is the largest shareholder in Luka Rijeka with a stake of 25.02%, followed by OT Logistics with 24.98%, according to data from the Zagreb Stock Exchange.
OT Logistics has been a strategic partner of Luka Rijeka since 2015. In 2021, OT Logistics cut its stake in Luka Rijeka to 9.84% after selling shares in the company representing 17.51% interest to Rubicon Partners.
($ = 0.938 euro)