Croatia’s Agrokor owner resigns as head of Konzum supervisory board
Agrokor owner Ivica Todoric has stepped down from his post of supervisory board chairman of retailer Konzum, part of Croatia’s ailing concern, under great pressure from the media and the public, Agrokor said. Ivica Todoric has signed a resignation letter just hours after a proposal to remove him failed to win support among Konzum shareholders, Agrokor said in a statement late on Monday. Agram Group, which holds a 25% stake in Konzum, voted to keep Todoric as chairman of the retailer’s supervisory board. Agrokor’s receiver, Ante Ramljak, explained after the vote that the outcome would be detrimental to the restructuring process in the country’s largest private company and would prolong it. Also on Monday, Todoric was voted off his post of chairman of the supervisory board of Agrokor’s Agrolaguna, but refused to quit the equivalent position in Belje. However, according to Agrokor, Todoric has confirmed he will resign if he is not voted off by the shareholders. Agram gained shareholding interest in Konzum, Agrolaguna, Belje, Vupik and Zvijezda just prior to the activation of extraordinary administration in Agrokor earlier this year. According to Ramljak, Agram and Todoric had signed several repo agreements, under which Agram was given shareholding interest in the companies.
Welcome New Croatian Craft Beer – Bura Brew
The craft beer scene in Croatia continues to grow. One of the newest on the market is Bura Brew. Bura Brew is an independent craft brewery based in the Istrian town of PoreÄŤ which is open for visitors who wants to see the brewing process and to learn more about their craft beer production. Bura Beer comes in three different flavours – Optimist Golding Ale, Redsand Amber Ale and Tornado Ipa – Istrian Pale Ale. The beer is unfiltered, unpasteurized and it is not additionally treated in any way. In order to obtain a balanced and natural carbonation, it undergoes a second fermentation in the bottle (bottle-conditioned).
World Bank lifts Croatia 2017 GDP growth forecast to 2.9%
The World Bank has said it expects Croatia’s economy to grow by 2.9% this year, 0.4 percentage points higher than projected in January. The bank affirmed Croatia’s 2018 GDP growth rate at 2.5%, it said in its June 2017 Global Economic Prospects report. It also affirmed its forecast for Croatia’s 2019 economic growth at 2.6%. Croatia ended 2016 with a GDP growth of 2.9%, the World Bank noted, up from 2.7% growth estimated by the lender in January. In 2015, Croatia exited a six-year recession and saw growth of 1.6%
New Records Set in June as Tourists Flood into Croatia
In just 24 hours, 300,000 foreign tourists enter Croatia as the first weekend of June sees the first big wave of tourists. A total of 1.7 million tourists visited Croatia in the first four months of 2017, 22% more than in the same period of the record-breaking 2016, and with this weekendâ€™s flooding of visitors, it looks like it will be a record year for tourism in Croatiaâ€™s history. According to data from the Ministry of Internal Affairs, on Friday 2 June 2017, 285,000 foreign tourists entered Croatia, which is 130,000 more than on the same first Friday in June last year. Once again there were a large number of tourists from Italy, Austria, Slovenia, and Germany. At the Split ferry terminal on Saturday, there were between 20 and 30% more passengers than on the same weekend last year, with special extra lines put in place due to the numbers, reports Jutarnji list. There were also records set at Split Airport on Saturday where 94 planes landed. In total there were 23,000 passengers coming through the airport, which a record in one day for 2017.
Privredna Banka Zagreb launches buyout bid for Bosnia’s Intesa Sanpaolo Banka
Croatia’s Privredna Banka Zagreb has launched a buyout bid for the remaining 5.1% stake in Bosniaâ€™s Intesa Sanpaolo Banka it does not already own, data from the Sarajevo Stock Exchange indicated on Wednesday. Privredna Banka is offering to pay 380 marka ($218/194.3 euro) for each of the 22,618 ordinary shares and 60 preferred shares it does not own in the Sarajevo-based bank, bourse data shows. The nominal value of each Intesa Sanpaolo Banka’s share is 100 marka. The offer is valid for 28 days. In July 2015, Privredna Banka Zagreb acquired 94.8% of the Bosnian bank for 192.8 million marka. According to bourse data, Privredna Banka Zagreb currently owns a 94.9% stake in its Bosnian peer. Privedna Banka Zagreb and Intesa Sanpaolo Banka are parts of Italian banking group Intesa Sanpaolo. (1 euro= 1.95583 marka)