Optima Telekom shares commence trading
Shares in struggling Croatian fixed-line operator Optima Telekom have commenced trading on the Zagreb Stock Exchange.
In a letter to the exchange last week, Optima said the Croatian Financial Services Supervisory Agency had approved plans to admit 60.74…
Shares in struggling Croatian fixed-line operator Optima Telekom have commenced trading on the Zagreb Stock Exchange.
In a letter to the exchange last week, Optima said the Croatian Financial Services Supervisory Agency had approved plans to admit 60.74 million ordinary shares for trading on the regulated market. The shares have a nominal value of HRK10 (US$1.43) each, or a total nominal value of HRK607.37m (US$86.62m).
The bourse subsequently gave the green light for the shares to begin trading today.
At the time of writing, Optima shares were down 0.5% on the day’s opening price to HRK1.99 (US$0.28) each.
Incumbent T-Hrvatski Telekom (T-HT) acquired management control of Optima in June 2014 as part of the latter’s pre-bankruptcy settlement procedures. T-HT has clearance from the local competition regulator to exercise control over the smaller company for four years as it undergoes a financial and operational restructuring.
At the end of the third year, T-HT must launch a sales process for its stake in OT and may also sell shares held by Zagrebacka banka, another of Optima’s major creditors. At the end of the fourth year, T-HT must transfer the management rights either back to the bank or to a third, non-related party and authorise the bank to sell shares.
