Valamar Riviera has finalized the sale of three Dubrovnik hotels to Imperial Riviera for the amount of EUR 95.34m or EUR 101ths per accommodation unit.
Valamar has announced the finalization of the sale of the three Dubrovnik hotels ( Valamar Lacroma Dubrovnik Hotel, Club Dubrovnik Sunny Hotel by Valamar and Tirena Sunny Hotel by Valamar) to Imperial Riviera. These hotels have a total of 947 accommodation units and were sold for EUR 100,676 per accommodation unit, with the total transaction value amounting to EUR 95.34m.
In order to finance this transaction, it was agreed between Valamar Riviera and Imperial Riviera that Imperial will take over Valamar’s loan obligations of two club loans from OTP banka Hrvatska from Split, and OTP Bank Nyrt from Budapest, Hungary and four loans from Croatian Bank for Restructuring and Development (‘HBOR’) from Zagreb in the total amount of EUR 90.29m. The overall weighted average interest rate on these loans would be 1.36%, with the mortgages on hotels in question also transferred, while the remaining amount of EUR 5.05m is to be paid in cash.
As a reminder, Imperial Riviera capital increase took place in November, when Valamar for its share transferred the ownership of the land (Sqm 148,949) on which the hotels are located, with an estimated value of HRK 352.8m. AZ pension funds transferred cash for its part of capital increase for the amount of HRK 366.9m. Valamar holds 43.69% share in Imperial Riviera.
Valamar also said that together with AZ pension funds, they will make significant investments through Imperial Riviera, which will act as a mutual company for growth and development, to further develop their tourist portfolio in Dubrovnik. These investments are intended to commence in autumn this year.
The Ljubljana Stock Exchange (LJSE) has published its trading statistics for January 2022, which shows an equity turnover of EUR 39.0m. This means that the average daily turnover was EUR 1.86m (+6.29% MoM).
Looking over to the total value that was traded in this period (excluding block transactions), this number amounted to EUR 34.4m. Of that number, Krka generated EUR 13.82m (or 35.41%), followed by Petrol with EUR 5.16m (or 13.22%), NLB Group with EUR 4.37m (or 11.20%), Telekom Slovenije with EUR 2.08m (or 5.33%), Triglav with 2.04m (or 5.24%), Save Re with EUR 1.86m (or 4.77%), Cinkarna Celje with 1.23m (or 3.15%), Equinox with EUR 676.4k (or 1.73%) and Salus with 501.5k (or 1.28%). Combined, these shares make up 75.67% of the turnover that was recorded on the entire equity market in January.
Looking over at the total equity market capitalization, it demonstrated a 1.97% increase and currently stands at EUR 9.70bn. In January, a positive trend on the LJSE was continued, with the SBITOP index increasing by 2.54% MoM (ending January at 1.290,79 points).
At the end of January, most blue-chip companies (7 out of 9) experienced an increase MoM. Leading the way in this metric is Petrol, which experienced a 4.25% increase MoM, followed by Triglav (4.24%), Telekom Slovenije (2.83%), Sava Re (2.47%), NLB (2.36%), Luka Koper (1.6%) and Cinkarna Celje (1.53%). On the flipside, KD Group experienced the largest decrease (-17.39%), followed by Krka with -1.29%.
Performance of SBITOP constituents in January 2021 (%)
Hrvatski Telekom, has in line with its Treasury Share Buyback Program, in the last two days acquired shares worth HRK 92m.
In the last two days Hrvatski Telekom through its Buyback program acquired treasury shares in total value of HRK 92m over two block transactions on the Zagreb Stock Exchange. The 1st transaction was made on 31 January 2022, where 55,500 shares were bought, at a weighted average price of HRK 184 per share – resulting in a HRK 10m worth buyback transaction. The 2nd transaction was realized yesterday (1 February 2022), where 445,769 shares were acquired at a weighted average price of HRK 183 per share, resulting in a HRK 81.6m worth buyback transaction.
These two transactions are in line with its Treasury Share Buyback Program which commencement on 29 April 2021 and is lasting until 22 April 2026. The maximum number of shares intended to be acquired through Buyback Program during this period is 3m, while the maximum amount allocated to the Program is HRK 600m. This is in line with our estimates as we have projected that Hrvatski Telekom will in 2022 acquire treasury shares worth at lest HRK 140m. These two transactions amount to 66% of this amount, so majority of this planned amount is already realized at the beginning of the year over two bigger transactions.
Following these acquisitions, HT holds a total of 866,830 treasury shares, representing 1.082894% of the Company’s share capital. The share capital amounts to HRK 10,244,977,390.25 and is divided into 80,047,509 shares (without nominal value).
As a reminder, according to the Company’s buyback program, the maximum amount of shares that can be acquired during its duration is 3m, with the maximum amount allocated to the program HRK 600m. The implementation of the Program was commissioned to the brokerage house InterCapital Securities which will acquire HT shares on the regulated market of the Zagreb Stock Exchange (ZSE) via offer book, block transactions and agreed (OTC) transactions or through organized “tender” offers on the ZSE, independently and without any influence of the Company in in terms of the timing of the share purchase.
It should also be noted that during 2021, the Company’s Management Board withdrew 718,720 Company shares without nominal value, without the share capital of the Company being decreased. This reduced the total number of shares from 80,766,299 shares to 80,047,509 shares without nominal value.
To read more about HT’s share buyback program, click here.