Without Valamar, there would be 65 fewer millionaires in Croatia.
It might seem that Valamar Riviera is destined to win the Zagreb Stock Exchange’s Share of the Year Award – this year, the tourist company won it for the fifth time in a row. The award ceremony took place in Zagreb. Nominees in the Share of the Year category are selected by the investment community, but the final winner is chosen by voting public. The reputation which Valamar has among investors is demonstrated by some of the expressions used in the explanation for the nomination – a transparent company, leader in increasing value, consolidator of tourism industry, reports Poslovni.hr on December 12, 2016.
The award was received by Marko Čižmek, a member of the Board of Directors of Valamar Riviera, who described how the Croatian capital market would look like without his company. In that case, capitalization of the Zagreb Stock Exchange would be lower by four billion kuna or three percent, while turnover would be lower by 14 percent, or 190 million kuna. There would be 74 million kuna less dividends paid, and 65 shareholders would not have the status of a millionaire.
However, the Share of the Year is only one of seven categories for which the Zagreb Stock Exchange awards its prizes. In the Share with Highest Turnover category, the award went to Croatian Telecom for the fifth time. The award for the biggest increase in price was awarded to AD Plastik, while the award for the largest increase in turnover was received by Atlantska Plovidba. Stock Exchange Member of the Year is Intercapital Vrijednosni Papiri.
The award for outstanding contribution to the development of capital markets this year went to the European Bank for Reconstruction and Development, for its role in the recapitalization of the Zagreb Stock Exchange and participation in projects of a platform for listing of small and medium sized enterprises SME Growth and the Funderbeam SEE startup. For promoting financial literacy of citizens, a special ward was given to professor of mathematics and physics Toni Milun, as part of the category of the Zagreb Stock Exchange award for outstanding contribution to education about the capital markets.
Referring to the work of the stock exchange, CEO of the Zagreb Stock Exchange Ivana Gažić stressed that in the next year it is expected that two additional stock exchanges would join the SEE Link network. As for the SME Growth, in mid-2017 it is expected that there will be first candidates ready for listing. “Here we need the support of the investment community, but also of the authorities, because SMEs need incentives. We will begin our discussions with the ministries of finance and economy”, said Gažić. As for the stock market next year, it is expected that the Xetra trading platform will be introduced, and stock exchange members will have to adjust to the new law on accounting.
