UAE investor buys 75% stake in Croatia's Zvecevo

Flexway Adriatic acquired the stake from Croatian individual Zdravko Alvir, law firm Soos Maceljski, Mandic, Stanic & Partneri, which represents the UAE investor, said in a filing to the Zagreb bourse on Tuesday.

Financial details were not disclosed.

The acquired stake consists of 213,167 ordinary series A shares and 74,562 ordinary series B shares, each with a nominal value of 26 euro ($28.2).

Following the transaction, Flexway Adriatic has become obliged to launch a takeover bid for the rest of the shares in Zvecevo in line with the Croatian law for acquisitions, which envisages such obligation for investors whose shares exceeds the 25% threshold in a company’s capital.

Flexway Adriatic will make a bid for all remaining shares in Zvecevo, on which no burden has been set, the law company said.

The capital of Zvecevo amounts to 9.9 million euro and consists of 382,370 ordinary shares.

Flexway Adriatic is a project company set up by Flexway DMC in December.

After news of Flexway Adriatic's impending takeover bid surfaced, the stock exchange placed Zvecevo's shares in its monitoring segment.

Shares in Zvecevo last traded on the Zagreb bourse on February 23, ending 9.46% higher at 8.10 euro.

($ = 0.922 euro)