In the following three years, Adris plans to invest roughly HRK 3bn in their tourism segment, HRK 220m in their food segment and HRK 290m in their insurance segment.
Adris Group published an announcement on the Zagreb Stock Exchange stating that the company held the Supervisory Board meeting and discussed the business plan for 2020 and the strategic development for the following three years.
According to the announcement, in the next three years Adris plans to invest roughly HRK 3bn in their tourism segment, HRK 220m in their food segment and HRK 290m in their insurance segment. The company states that such investments should generate stable top-line and bottom-line growth. In the past 15 years, Adris invested more than HRK 10bn in the mentioned segments.
In the coming years Adris expects to observe double digit growth rates and that such performance should ensure a growing dividend policy of the Group.
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According to local media, the bids were placed by NLB Group, AIK Bank and Raiffeisen Bank International.
Serbian Ministry of Finance published an announcement stating that Serbia has received three binding bids in its tender for privatization of Komercijalna Banka within the set deadline. According to local media, the bids were placed by NLB Group, AIK Bank and Raiffeisen Bank International.
In the following days, the Ministry of Finance will analyze and evaluate the binding bids and will rank them. Subsequently, the qualified bidders will be notified of the ranking, and the best-ranked bidder will be invited to negotiate on the purchase of 83.23% of the ordinary shares of Komercijalna held by the Serbian government.
As a reminder, in November the Republic of Serbia acquired an additional 34% stake in Komercijalna Banka from EBRD and IFC. The mentioned acquisition was concluded at RSD 4,350 per share (EBRD) and RSD 4,508 per share (IFC). To put things into a perspective, the mentioned transaction translates to a P/B 1 and a P/E of 8.2 (for RSD 4,350) and 8.5 (RSD 4,508). Following the mentioned transactions, the Republic of Serbia owns 83.2% of the bank, enabling the privatization of the Bank under the ongoing privatization process. By acquiring the mentioned shares, the state has fulfilled its obligation (put option) as part of the current sale of the bank, which was defined in 2006.
As a reminder, the transaction follows the acquisition by the Republic of Serbia of 6.89% of ordinary shares from Swedfund and DEG which was completed in June 2019.
From the State’s point of view (under the assumption of the privatization going through), it is very possible that the they will record a loss on the mentioned sale, as it seems unlikely that any of the acquirers will offer a full book for the bank. To put things into a perspective, Komercijalna Banka’s shares are currently traded at a P/B of 0.69.
According to the Bank of Slovenia, this year’s economic growth will amount to 2.6% and next year to 2.5%.
The Bank of Slovenian published their forecast for this year’s and the following year’s GDP growth. According to them, this year’s economic growth will amount to 2.6% and next year to 2.5%. Such a forecast is lower compared to the previous one (+3.2% for 2019), but the Bank of Slovenia stressed that growth of economic activity will continue to exceed average growth in the Euro area. It is presumed that GDP growth rate will stay close to these levels also in 2021 and 2022. Domestic consumption will present the main driver of economic growth alongside otherwise solid growth of export.
The Bank of Slovenia further states that global economic growth will be much slower this year than in 2018 and 2017, and that recovery in the coming years will be more gradual than projected in previous forecasts by international institutions. This is reflected in the lower assumption of growth in foreign demand for both the Euro area and Slovenia. Namely, protectionist measures and geopolitical friction create uncertain economic conditions that reduce confidence in the economy and affect the weaker investment and export activity of companies.
The company aims to acquire the participation held by OMV Offshore Bulgaria GmbH in the Han Asparuh exploration license in Bulgaria.
OMV Petrom published a document on the Bucharest Stock Exchange announcing that they are aiming to acquire the participation held by OMV Offshore Bulgaria GmbH in the Han Asparuh exploration license in Bulgaria. This would be done by acquiring all its shares from OMV Exploration & Production GmbH. Closing of the transaction is subject to certain conditions precedent and is expected by mid-2020.
OMV Offshore Bulgaria GmbH currently holds a 30% working interest in the deepwater offshore Han Asparuh exploration Block, located in the western part of the Black Sea, within a joint venture led by Total as operator.
The first exploration well, Polshkov-1, was drilled by the current joint venture in 2016. This was followed by the drilling of two further exploration wells in 2017 (Rubin 1) and 2018 (Melnik 1).
OMV Petrom’s member of Executive Board stated that the acquisition is in line with our strategy to increase their regional presence and is a natural addition, taking into account our portfolio in the Black Sea.