Croatias Uljanik raises capital by 50% to EUR 40mn.

By bne IntelliNews December 3, 2012
Croatian shipyard Uljanik said it increased its capital by 50% to HRK 302.1mn (EUR 40mn) after successfully placing a new share issue. The company said in a filing with the Zagreb bourse it sold 1,119,997 new ordinary shares at a nominal value of HRK 90 each. Most of the newly placed shares were acquired by insurers (30%), followed by pension funds (25%), companies (25%) and investment funds (20%). Following the recapitalisation, Ulijaniks capital is divided into 3,356,250 ordinary shares with the same nominal value. In a separate statement to the Zagreb bourse, Uljanik informed that its supervisory board gave its consent to the management to sent a letter of interest for buying Croatian shipyard 3.Maj. In June, the government decided to privatize Uljanik in two phases. In the first one, the companys employees were offered to acquire the shipyards shares under preferred terms. In the second phase, the recapitalisation of the shipyard was envisaged with participation of shipping companies and economic cooperation funds, as well as institutional investors such as pension funds.

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