September 18 (SeeNews) - Croatian tourism company Sunce Koncern [ZSE:SUKC] said it has successfully completed a public offering on the Zagreb Stock Exchange (ZSE), raising 68.8 million kuna ($11 million/9.2 million euro).
The company plans to issue 444,000 new shares at a price of 155 kuna apiece which will be acquired by Croatian institutional investors, Sunce Koncern said in a filing with the ZSE on Friday.
After the completion of the transaction, the share of Croatian entrepreneur Jako Andabak in the capital of Sunce Koncern will fall to 76.4% from 84%, while the combined shareholding interest of institutional investors will rise to 23.6% from 16%, the company said.
The company will use the funds raised in the transaction to repay part of its debt and carry out its investment plan, Sunce Koncern said.
On August 31, Sunce Koncern said it planned to sell up to 444,000 new shares on the stock exchange at a price of between 148 kuna and 170 kuna.
Earlier this month, Sunce Koncern said it aims to reduce its debt to three times earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2019 from 4.2 times this year.
At the end of the first half of this year, the long-term debt of Sunce Koncern stood at 419.3 million kuna and short-term liabilities amounted to 277.4 million kuna.
Sunce Koncern, founded in 2004, owns and operates a chain of hotels and resorts under the Bluesun brand in Dalmatia, Bol, Brela, Tucepi, Starigrad Paklenica, and Marija Bistrica.
(1 euro = 7.48126 kuna)