On 16 September, Kappa Star Limited passed the 5% voting right threshold and therefore confirmed who was behind the increased turnover of Kraš’ shares in the past couple of trading days.

Kraš published a document on the Zagreb Stock Exchange stating that Kappa Star Limited has passed the 5% voting right threshold and has therefore confirmed media’s speculation about who is the “third-party” involved in Kraš’ takeover.

Kappa Star Limited has recently appeared in the top 10 shareholders in Kraš, however, under Raiffeisenbank Austria’s custody account, so it was not publicly known who was behind the trades. On Monday (16 September), the company breached the 5% threshold, while on the same day the turnover of Kraš amounted to EUR 5.1m, translating into 3.6% of share capital when looking at volume traded.  The share closed at HRK 750 on Monday, representing a 25% increase compared to the closing price of previous trading day. Since than (Tuesday and Wednesday), Kraš’ share recorded a turnover of EUR 8.96m, which translates into 6% of share capital when looking at volume traded. This could indicate that Kappa Star Limited is further increasing its share in Kraš, which would currently make them the third largest shareholder in Kraš. Note that the share closed yesterday at HRK 820 per share, representing an increase of 16.3% compared to the closing price of previous trading day. The mentioned price puts Kraš at 11.4 EV/EBITDA multiple (when calculated on T12M basis).

YTD Kraš Share Price Performance (HRK)

Kappa Star Group is an investment company, consisting of 5 member companies: Umka Cardboard Mill, Jaffa Biscuit Factory – Crvenka, Paper Service FHB, Ekostar Pak, Banini Biscuit and Cookie Factory.  The mentioned company is incorporated in Cyprus and is owned solely by Mr. Nebojša Šaranović, one of the most known businessmen in Serbia.