Ljubljana, 30 August (STA) - The shareholders of Sava, a majority state-owned tourism group, approved on Friday a debt-to-equity conversion of claims held by Slovenian Sovereign Holding (SSH) and the state-owned KAD fund totalling EUR 35.9 million. They also endorsed a EUR 4 million capital increase that SSH and KAD will not take part in.
SSH has a 61.91% share and KAD 28.05% in Sava and as the two main shareholders they agreed that the company's share capital will increase by EUR 13.8 million to almost EUR 42.9 million through an in-kind contribution.
The company will issue new shares for almost EUR 35.9 million with a selling price of EUR 2.6 per share. SDH will convert around EUR 24.7 million of its claims and KAD almost EUR 11.2 million.
The shareholders approved a further EUR 1.5 million cash capital increase. The selling price per share will also be EUR 2.6, making the total issue value of the shares some EUR 4 million.
The shares will first be offered to existing shareholders, except SDH and KAD, who will be able to subscribe on a pro rata basis.
The issue of new shares will be successful if all the shares for the debt-to-equity conversion will be subscribed and paid up, regardless of the success of the cash capital increase.
Sava Turizem, in which Sava has a 95.47% share, also held its general meeting on Friday to learn that more than EUR 20 million of its EUR 32.4 million distributable profit will be distributed as dividends, amounting to EUR 0.3719 gross per share.
