The Czech real estate company Orco Property Group has signed a deal on the sale of its 15.77% stake in the Croatian hotel group Suncani Hvar and is thus entirely pulling out of the ownership of the Hvar-based company, while Slovakian Prime Tourist Resorts, the new majority owner, on Wednesday announced its takeover bid.
"Orco Property Group ("OPG") announces that on 4 April 2016 it entered into an agreement concerning the disposal of its stakes in Suncani Hvar d.d. ("SHH"). OPG sold 3,062,196 SHH shares corresponding to 15.77% of the shareholding and voting rights in SHH. The aggregate price equals to app. EUR 8.15 million and is based on the nominal value of the transferred shares, i.e. HRK 20 per share. Further to this transaction, OPG exited all of its investments in Croatia," Orco said in a press release.
In June 2014, Orco Property Group sold 2,080,000 shares of Suncani Hvar to Prime Tourist Resorts.
Orco continued to hold 31.61% of the shares and voting rights in Suncani Hvar while Prime Tourist Resorts acquired a stake of 24.94% in the hotel operator.
Orco Property Group also sold its shareholder receivables from Suncani Hvar to Prime Tourist Resorts, making it a creditor of the Croatian company.
In June 2005, the Luxembourg-based group signed a partnership deal with the Croatian state on Suncani Hvar, thus becoming one of the leading investors in tourism and hotel assets in the Adriatic country.