LJUBLJANA (Slovenia), November 22 (SeeNews) – Slovenian state holding company SDH and the central clearing house KAD have become owners of a 45.1% stake in local conglomerate Sava, following the completion of a compulsory settlement under which ordinary claims due from Sava were converted into share capital, Sava said on Tuesday.
Under compulsory settlement proceedings and based on conversion of ordinary claims due from Sava d.d. in the amount of 29.3 million euro ($31.1 million), SDH and KAD acquired a total of 9,783,301 new Sava d.d. shares, Sava said in a statement to the Ljubljana bourse.
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"In accordance with a joint statement on subscription and payment of new shares through transferring total ordinary financial claims and new ordinary claims respectively, each of the aforementioned is entitled to one half of the newly issued shares of Sava d.d.," the conglomerate said.
Prior to the subscription and payment of the new shares, SDH held 222,029 shares of Sava d.d., representing 11.06% of its share capital, while KAD held 375,542 Sava d.d. shares, representing 18.71% of its share capital.
Sava said on Monday that York Global Finance Offshore BDH now holds a 41.74% stake in the company, after a Ljubljana court confirmed a compulsory settlement against the company. In line with the court decision, Sava's share capital was cut to zero, the company shares were annulled and the existing ownership structure was cancelled.
In June last year, two applications were lodged before the District Court in Ljubljana for initiating compulsory settlement proceedings against Sava d.d. One was filed by Gorenjska banka, Zavarovalnica Triglav, Unicredit banka Slovenija, Pokojninska druzba A, Skupna pokojninska druzba and Skupna d.d, and the other by Slovenia's 'bad bank', the Bank Asset Management Company (BAMC).
Sava Group comprises nine companies - parent company Sava d.d. and eight subsidiaries. Its two core operations are tourism and finance.
($=0.94179 euro)