ZAGREB (Croatia), October 8 (SeeNews) – Croatian hotel operator Helios Faros [ZSE:HEFA] said it plans to use the entire profit of 95.7 million kuna ($14.9 million/12.6 million euro) reported for 2019 to cover part of its accumulated loss of 100.8 million kuna.
The decision will be put to the vote by the company shareholders on November 24, Helios Faros said in a statement on Wednesday.
Its shares have not yet traded on the Zagreb Stock Exchange since their re-listing in May 2020. The shares were delisted in April 2016, after the company entered into bankruptcy proceedings in February 2016.
In July 2019, Helios Faros emerged successfully from the bankruptcy proceedings after Croatian hotel and tourism group Valamar Riviera [ZSE:RIVP-R-A] and pension insurance fund manager PBZ Croatia Osiguranje repaid its outstanding liabilities, acquiring stakes in the company.
In November, the two new owners increased Helios’ share capital to 236 million kuna from 97 million kuna and launched a five-year business plan worth 692 million kuna that envisages the reconstruction of the tourism facilities of Hvar-based Helios Faros under the management of Valamar. The two investors plan to renovate two Helios Faros hotels – Arkada and Lavanda – on the Hvar island.
As of Wednesday, PBZ owns 77.73% of Helios Faros, while Valamar holds a 20% stake, bourse data shows.
(1 euro = 7.56669 kuna)
