The tourism company Valamar Riviera was the only one with an offer for the purchase of shares of Imperial Rab hotels
The tourism company Valamar Riviera sent the only binding offer for the purchase of shares of the Imperial Rab hotels from the state, offering for 50.08% of base capital a price of 34.7 million Euro, 109.2 per share. They are joined in this investment by the AZ pension funds, operated by Allianz and Zagreb Bank, acting on their own behalf and on the behalf of the pension fund they manage, Valamar Riviera announced at the Zagreb Stock Exchange, as reported by Poslovni Dnevnik on July 5, 2016.
The offered price is approximately 119 thousand Euro above the starting price.
“We would like to point out our pleasure that this binding offer has a higher price compared to the last two tenders that failed as no binding offers were made,” the Centre for Restructuring and Sales noted. The off by Valamar will be carefully studied in the following days.
“The entrance into this project is seen as a synergy of experience and power of the leading institutional investor with operative knowledge, expertise and results of the leading tourism company. We believe that joint management will benefit further development of tourism on Rab island,” Valamar Riviera statement said. The statement notes that AZ pension funds wish to increase their investment in Croatian tourism as they feel such investments are in line with the long term investment potential of fund members. They remind they are significant shareholders in Arenaturist, Plava Laguna, Ilirija and other tourism companies on the Zagreb Stock Exchange.
