ZAGREB, September 24, 2019 - The Cyprus-based KappaStar Group, an investment company owned by Serbian businessman Nebojša Saranović, is continuing to increase its stake in Croatia's Kraš confectioner, saying on Tuesday that it has passed the threshold of 10% and now owns 12.45% of Kraš shares.
KappaStar reported that it now holds 186,653 shares in Kraš or 12.455%.
KappaStar started buying into Kraš on 9 September when the largest individual shareholder in Kraš, the Braća Pivac meat industry, announced its intention to take over Kraš.
Since then Saranović's KappaStar Ltd has actually bought the most shares and last week it reported that it had acquired more than 5% of voting rights in Kraš and now it has crossed the 10% threshold.
Media, however, have reported that other investors appear to be interested in buying Kraš shares as well. Data provided by the Central Depository and Clearing Company (SKDD) on the top ten shareholders in Kraš show that there are two other custodial accounts at Zagrebačka Banka, one with 1.89% of Kraš shares and the other with 0.40% of shares.
Interest in Kraš shares became obvious two weeks ago when the Braća Pivac meat industry, which has a 30.73% stake in Kraš, announced that it would take over the confectioner.
On 9 September Braća Pivac announced its plan to take over Kraš' shares and said that it had opened negotiations with the Kraš-ESOP with the aim of jointly taking over Kraš.
Kraš is known for its Employee Stock Ownership Plan or Kraš ESOP, which holds 18.45% of the shares in the company. Kraš ESOP will decide on the joint acquisition with Braća Pivac at its general assembly on September 30.
More news about Kraš can be found in the Business section.
