Alvir to sell Zvecevo majority stake for up to 11.1 mln euro

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April 26 (SeeNews) – The final price of the majority stake of businessman Zdravko Alvir in Croatian confectionery producer Zvecevo [ZSE:ZVCV] may reach up to 38.71 euro ($41.41) per share, or overall 11.1 million euro, if certain conditions are met, Zvecevo said on Friday.

Following an announcement from April 24, Zvecevo informs the investment public that the agreed minimum sales price for Alvir’s stake is 23.22 euro per share, but depending on the company’s financial results, the final sales price could reach 30.96 euro per share, and depending on future events, it could reach 38.71 euro per share, Zvecevo said in a filing to the Zagreb bourse.

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In a transaction concluded on April 22, Alvir sold 213,167 ordinary series A shares and 74,562 ordinary series B shares, each with a nominal value of 26 euro, at a price of 23.22 euro per share, in line with a sales contract signed on March 26, Zvecevo said in a filing to the Zagreb bourse on Wednesday. Currently, he has no other shares in Zvecevo, it added back then.

In March, law firm Soos Maceljski, Mandic, Stanic & Partneri has said that a company it represents, UAE-based Flexway DMC, through its Croatian subsidiary Flexway Adriatic, is buying a stake of 75.248% in Zvecevo from Alvir.

Zvecevo’s capital of 9.9 million euro is distributed in 382,370 ordinary shares.

Flexway Adriatic is a project company set up by Flexway DMC in December.

Shares in Zvecevo traded 13.21% higher at 24 euro on the Zagreb bourse on Friday afternoon.

($ = 0.935 euro)

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