Orco Pulls Out of Sunčani Hvar as Prime Tourist Resorts Takes Over

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Big changes in Hvar’s largest hotel company.

The Czech real estate company Orco Property Group signed a deal on the sale of its 15.77% stake in the Croatian hotel group Sunčani Hvar, HINA reported on April 6, 2016. With this move, Orco is now entirely withdrawing from the ownership structure of this Hvar-based company, while the Slovakian Prime Tourist Resorts, new majority owner, announced its official takeover bid on the same day.

“Orco Property Group (“OPG”) hereby announces that on 4 April 2016 it entered into an agreement concerning the disposal of its stakes in Sunčani 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 came to approximately EUR 8.15 million and is based on the nominal value of the transferred shares. Furthermore, OPG exited all of its investments in Croatia,” Orco said in their official press release.

The takeover of Sunčani Hvar began in June 2014 when Orco Property Group sold just over 2 million shares of Sunčani Hvar to Slovakian Prime Tourist Resorts.

Orco still owned 31.61% of the shares and voting rights 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.

The price of SH stock before the end of trading on the Zagreb stock exchange jumped 3,63% to 24,26 kuna.


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