Ulanik Plovidba issued 77,212 new shares at HRK 120 per share, collecting HRK 9.3m.

Uljanik Plovidba has published a document stating that they successfully concluded preferred share issuance. Uljanik has issued 77,212 new shares at HRK 120 per share, in the prescribed deadline, amounting to HRK 9.3m, which represents 30% of the total offering. Initial share capital will be increased by HRK 7.7m to amount to HRK 239.7m.

The purpose of the cap hike is to secure a more favourable capital structure and to boost working capital. Furthermore, upon the finalization of the cap hike and debt restructuring the company is expected to decrease their indebtedness by at least USD 10m (HRK65m). According to the latest financial report (Q3 2018), Uljanik Plovidba held a net debt of HRK 945.6m which translated to a 11.8x net debt/EBITDA.