September 29 (SeeNews) - Croatia's financial services regulator, Hanfa, said it has ordered Luxury Real Estate company and three local individuals to launch a takeover bid for civil engineering company Tehnika [ZSE:THNK].
They have to submit to Hanfa a request to launch the takeover bid within 30 days, Hanfa said in a statement on Wednesday.
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According to Hanfa's decision from April 1, 2021, Luxury Real Estate and the three individual shareholders - Bojan Horvacic, Boran Poljancic and Zvonimir Zlopasa, were required by law to launch a takeover bid since July 5, 2019 but so far they have failed to do so. They appealed twice Hanfa's decision but the respective administrative courts only confirmed Hanfa's decision.
The biggest shareholder in Tehinka with a stake of 20% is a custodian account run by the Hita brokerage, followed by Bojan Horvacic with 8.93% and another custodian account run by the Interkapital brokerage with 5.94%, according to Zagreb bourse data.
Tehnika's shares last traded on September 20 on the Zagreb bourse, when they closed flat at 119 kuna ($15.4/15.8 euro).
(1 euro = 7.527 kuna)