Business News

A Quarter of Intereuropa Up for Sale

Koper, 23 December (STA) - Port operator Luka Koper published a call for bids for its 24.8% stake in logistics group Intereuropa on Thursday. The offer for the purchase of around 1.96 million Intereropa shares is open until 14 February.

The call is posted on the website of the Ljubljana Stock Exchange. Detailed information on the subject of the sale, the terms of the public tender and the proposed purchase contract are available to prospective buyers in the form of tender documentation.

Luka Koper says it will not not be obliged or liable to conclude any contract on the sale of shares with the highest bidder or any other tenderer on the basis of the tender.

Luka Koper decided to offload its stake in Intereuropa after receiving an expression of interest in the shares and based on the policy of financial investment management, the company said in announcing its intention on Tuesday.

Luka Koper has been weighed down by its investment in Intereuropa and a write-down on the stake was the main reason for a 76% drop in net profit in the first nine months of the year.

The stake is currently worth only EUR 7.6m on the Ljubljana Stock Exchange, as Intereuropa has been one of the worst performing stocks in the recent years, dropping from a high of EUR 40 per share in early 2008 to EUR 3.90.

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