Shareholders of Croatian fertilizer producer Petrokemija d.d. on Feb. 28 approved a proposal to delist the company’s shares from the Zagreb Stock Exchange.
The shareholders also authorized the company to buy own shares, according to a SeeNews report, citing a stock exchange filing.
The shareholder vote had been due to take place on Feb. 21 but was postponed due to the lack of quorom.
Petrokemija’s management and supervisory board approved proposals for the delisting and for its management to acquire own shares from the company’s shareholders in January (GM Jan. 14, p. 30).
The company has said there are not any major benefits from trading on the regulated market, and delisting could save the firm 100,000 kuna a year (approximately $15,000 at current exchange rates), according to an earlier report by Croatian daily newspaper Poslovni Dnevnik.
In a separate development, Croatia’s state-owned fund for enterprise restructuring and privatization CERP has so far not taken a decision regarding a binding bid for the acquisition of Petrokemija by Turkish holding company Yildirim. CERP is the Croatian fertilizer company’s second largest shareholder, with a 17.90 percent stake.
According to earlier reports, Yildirim’s bid was valid only until Jan. 31 (GM Jan. 14, p. 30).
Yildirim owns the Turkish fertilizer producer Gemlik Gubre and is Turkeys biggest CAN and ammonia producer, and third largest fertilizer and chemicals trading company.