PBZ Croatia Osiguranje raises stake in Cakovecki Mlinovi to 16.5%

On December 16, PBZ Croatia Osiguranje bought 7,500 Cakovecki Mlinovi shares, and now owns 17,311 stocks in the company, the pension fund said in a bourse filing on Thursday.

Zagreb bourse data showed earlier this week that 8,300 Cakovecki Mlinovi shares traded in a 60.2 million kuna ($9.8 million/8.0 million euro) block deal on Wednesday, changing hands at 7,250 kuna each.

Cakovecki Mlinovi's capital is divided into 105,000 shares of 980 kuna in par value each.

Prior to the block deal, local pension fund AZ OMF Kategorije B was the largest single shareholder in the company with an 18.17% stake, followed by local individuals Stjepan Varga with 13.52%, Ruzica Varga with 13.11% and Branko Grasic with 12.14%. The remainder belongs to other local pension funds and individuals, bourse data showed.

PBZ Croatia Osiguranje is a 50/50 joint venture of local lender Privredna Banka Zagreb (PBZ), part of Italian banking group Intesa Sanpaolo, and the largest insurer in the country - Croatia Osiguranje.

Cakovecki Mlinovi, based in the northern town of Cakovec, is one of the biggest producers of wheat flower in the country. It also produces baked goods and pumpkin seed oil.

In regular trading, Cakovecki Mlinovi shares fell 1.39% to a closing price of 7,100 kuna on Thursday on the Zagreb bourse. They did not trade at opening on Friday.

(1 euro = 7.53138 kuna)