OTP sends Croatian food company notice to pay

Deals

Hungary's OTP Bank has called upon Croatian food company Podravka to pay €11.58 million after it sold its company shares to Croatian pension funds, the Croatian company announced on the website of the Zagreb Stock Exchange.

OTP sold 576,880 Podravka shares for 312.87 Croatian kuna (€42) each to Croatian pension funds, which have now increased their stake in the company to 29.6% from 21.7%. The Croatian state holds a 26% stake in Podravka.

OTP received the Podravka shares after the Croatian company was unable to pay back a €37 million loan last September.

The shares sold functioned as collateral for the debt and the contract stipulates that Podravka will pay any difference between the purchase and sale price of the shares.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.