Yesterday, Valamar Riviera & its subsidiary Imperial announced the approval of 2024 investments. Besides this, Valamar Riviera’s Supervisory Board also approved the restart of investment in Project PINEA, with a total value of EUR 130m.
Starting off with Valamar Riviera, at its Supervisory Board session held yesterday, 28 June 2023, the Board approved 2024 investments in the total amount of EUR 28.7m.
The Supervisory Board also gave approval to restart investments in Project PINEA, with a total value of EUR 130 million, continuing the construction which began in 2019. Construction was temporarily suspended in March 2020 due to the pandemic after which it faced further delays due to the energy crisis, inflation, and a slowdown in economic growth. Project PINEA represents the single largest investment in Croatian tourism, the resort is anticipated to encompass a capacity of about 500 accommodation units and a range of facilities for high-end year-round operations.
After this investment completes, it will make the Pical zone in Poreč one of the most attractive tourism zones in Croatia. Valamar further notes that it continues its sustainable strategy of developing products and services with added value for the Croatian tourism industry.
Moving on to Imperial Riviera, a subsidiary of Valamar Riviera, it also had a Supervisory Board meeting yesterday. At the meeting, the SB approved a EUR 37.5m plan of investment in 2024. The planned investments are mostly intended for the repositioning of hotel Eva on the island of Rab, and the renovation of the tourist resort Riviera in Makarska.
Lastly, Valamar Riviera has additionally adopted a long-term plan for the compensation of key managers with stock-based compensation in the period from 2023 to 2026 which according to the company will encourage loyalty, focus on achieving business goals, and increase value for shareholders. The value of the compensation program will be determined by the annual increase in market capitalization and the annual increase of the Company’s business value. The total annual compensation amount cannot exceed 10% of the total dividend amount paid to shareholders in that year.