Orco Property Group, one of the biggest real estate developers with headquarters in Luxembourg and also a shareholder in Croatian hotel group Suncani Hvar, revealed recently its departure from the enterprise, as a result of a new very good deal.
Orco Property Group will sell its 15,77 per cent share for about 8.15 million euro or $9.3 million. The total price of this agreement was determined by the total worth of all the shares that were occupied to the procedure, namely the 15,77 per cent that is going to be sold. The cost of every share is 20 Kuna, according to a statement from Orco Property Group that came on Tuesday. Until now 3,062,196 Suncani Hvar shares have been sold.
So Orco Property Group seceded from the investments it has in Croatia for sake of the new agreement, although the company never revealed who is the buyer of the shares.
In a statement on December, Suncani Hvar said that expects to have total profits of the order of 68 million Kuna or $10.3 million/9.0 million euro until the end of the year. This will be achieved after the successful integration of the procedure.
As the company was under the scheme of pre-bankruptcy, it asked from its creditors to transform their claims against the company into equity, back in June. In order to observe the agreement, Suncani Hvar is forced to increase the capital in that way, namely transform some of the claims into equity.
Until now the main shareholder of the hotel business was Orco Property Group with 31,6% shares followed by Prime Tourist Resorts with 24.9%