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Slovenia to acquire 21% stake in hotel operator Terme Olimia

Slovenia to acquire 21% stake in hotel operator Terme Olimia Slovenia's Terme Olimia, Photo: Jaka Gasar

LJUBLJANA (Slovenia), July 19 (SeeNews) – Slovenian sovereign holding company SDH said on Friday it has signed an agreement to purchase 20.871% ownership stake in hotel operator Terme Olimia from Nova Kreditna Banka Maribor (NKBM).

Upon completion of the transaction for the purchase of 147,309 shares of Terme Olimia, Slovenia and its related companies will exceed the additional takeover threshold at the hotel operator, therefore SDH intends to publicly announce another offer for the takeover of the remaining shares, SDH said in a press release.

SDH provided no further information.

The acquisition of NKBM's stake in Terme Olimia by SDH would help Slovenia make a step forward in the planned creation of a state tourism fund bringing together the state-owned hotel and tourism operators in the country, local news daily Dnevnik reported on Tuesday, citing unofficial information.

SDH will allegedly allocate 4.0 million euro ($4.5 million) for the purchase of NKBM's stake, Dnevnik said.

State-owned pension fund management company Kapitalska Druzba is the largest shareholder in Terme Olimia with a 24.8% stake, followed by railways operator Slovenske Zeleznice with 23.9%, and NKBM. The remainder belongs to shareholders holding smaller stakes, one of which is SDH with 4% ownership.

Terme Olimia has not yet published its 2018 financial report. The company's net profit halved to 756,600 euro in 2017 from 1.5 million euro in 2016.

($ = 0.88971 euro)