Croatia's Jadroplov seeks to raise at least 50 mln kuna (6.6 mln euro) in capital hike
ZAGREB (Croatia), July 22 (SeeNews) - Croatian shipping company Jadroplov [ZSE: JDPL] is seeking to raise at least 50 million kuna ($7.8 million/6.6 million euro) in a planned capital increase, it said on Thursday.
The company intends to make a public offering of 2,000,000 new shares at a minimum price of 25 kuna per share to be paid in cash, Jadroplov said in a filing to the Zagreb bourse.
Its success threshold is set at one million shares.
Investors' offers for subscription of the new shares should be worth at least 1.0 million kuna.
Existing shareholders have no pre-emptive rights for the new share issue.
The public offering starts next week and closes on August 20.
Jadroplov will issue a separate memorandum on how it plans to use the capital hike proceeds.
“I sincerely believe that the company faces calm seas ahead because this process, as the final stage of restructuring, is at the core of its long-term stability, prosperity and development,” CEO Branimir Kovacic said in the filing.
The company's capital of 16.37 million kuna is distributed in 1,636,674 shares with a par value of 10 kuna apiece.
Its largest shareholder with a 70.44%share is state-owned agency for restructuring and sale of state assets.
The capital increase is in line with a decision of the company's shareholders meeting held on November 11, 2019 which allowed the management to increase the company's capital in a period of five years by issuing new shares with a total par value of up to 40.9 million kuna.
The company's fleet consists of six vessels with a total 292,939 DWT with an average age of 15 years.
The company's shares traded at 37,80 kuna intraday on Thursday on the Zagreb bourse, down 9.57% from the previous closing price, in a turnover of less than 19,000 kuna.