January 8 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Monday the state has increased its stake in the company to 1,737,436 shares from 476,402 previously.
The increase was made by a transfer of an equity stake in Sava Re held by Slovenian state holding company SDH to the state.
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Prior to the transfer, the Slovenian held 2.77% of the total issued shares of Sava Re or 3.07 % of shares with voting rights, while now its holds 10.09% of issued shares or 11.21 % of shares with voting rights, the reinsurer said in a Ljubljana bourse filing.
Before the transaction, SDH held 4,304,917 shares, which represented 25% plus one share of the total issued shares of Sava Re, or 27.78 % of shares with voting rights.
After the transfer, SDH holds 3,043,883 shares, which represent 17.68% of issued shares of the reinsurer, or 19.64% of shares with voting rights.
The company’s share capital is divided into 17,219,662 shares. The total number of shares with voting rights is 15,497,696, representing 90% plus one share of all issued shares. The company holds 1,721,966 own shares with no voting rights attached, which represents 10% minus one share of all issued shares.
In December, Slovenia's government adopted a decree under which SDH must transfer stakes in Sava Re, fuel retailer Petrol and drug maker Krka worth some 200 million euro ($237 million) in total directly into state ownership free of charge by the end of the year. The transfers, which are being implemented in line with amendments to the Slovene Compensation Fund Act adopted by the National Assembly in September, aim to reduce SDH's exposures and to consolidate state ownership in strategic and significant investments.
The transfer of ownership of capital investments does not imply changes in governance, as this power remains with SDH.
SDH has the largest portfolio of state capital assets in Slovenia and manages the state’s ownership interests in 98 companies.