“Although the positive annual growth rates of total household loans point to the recovery of the credit activity of the population, which are certainly supported by low December 2018 Calendar PDF interest rates, according to our expectations this growth should be moderate , in particular taking into account the overall indebtedness of the sector as well as the structural weaknesses of the labor market, “concludes RBA’s analysis.
December 2018 Calendar PDF
Cutina Petrokemija reported on Thursday that the session of the Management Board and the Supervisory Board had been canceled, announced on Wednesday, October 3, which was to be considered, among other things, the implementation of the procedure for increasing the share capital. As stated in the announcement on the Zagreb Stock Exchange, the session was postponed due to the Board members being prevented from attending.
The session should, among other things, consider adopting a decision on the procedure of increasing share capital to the shares in rights, in the money and fixing it the rules for the allocation of new ordinary shares.Rather, shareholders of Petrokemija made the decision on coverage of the loss on July 9 at the General Assembly, as well as the decision to increase the share capital up to a maximum of 450 million kuna by cash payment and the issuance of new shares.
At the General Assembly decisions on coverage of the loss realized in 2017, increase of share capital in cash contributions and issuance of new shares, and granting approval for the acquisition of shares without the obligation to publish a takeover bid. “This has created the conditions for the final process of realization of the company’s restructuring program and the legal framework for the recapitalization of Petrochemicals,” said the Mineral Fertilizer Producer.
According to the Assembly’s decisions, Petrokemias’s core capital will first be increased by the stake in rights, from 42.9 HRK 492.9 million, or HRK 450 million. This will be done by issuing new 45 million shares, nominating 10 kunas, and these new shares will be subscribed and paid by the State through the Center for Restructuring and Sales (CERP).
The Mayor’s decision to buy 450 million kuna of Petrochemical’s claims on banks is the backbone of this. In accordance with this decision, Petrokemija’s Management Board has signed additional loan contracts from Erste & Steiermarkische banka, Croatian Postal Bank and Croatian Bank for Reconstruction and Development with a new lender – Republic of Croatia, in the total amount of HRK 450 million.
To cover the loss of Petrokemija in the amount of HRK 242.6 million, the Assembly also made a decision on a simplified reduction in share capital by merging shares from HRK 492.9 million to HRK 100.3 million. With the coverage of a loss of HRK 242.6 million, the remaining HRK 150 million of the decrease in share December 2018 Calendar PDF capital would have been entered into the capital reserve. After that, the share capital of HRK 100.3 million would be increased to a maximum of HRK 450 million, ie up to 550 , 3 million. This recapitalization would be carried out by paying in cash, issuing at least 40 million to a maximum of 45 million new ordinary shares of a single nominal value of 10 kunas.