Business News

Leading Newsstand Operator's Owners Increase Stakes

Ljubljana, 10 November (STA) - The majority owners of Delo Prodaja, which have held a combined stake of 65.5%, have acquired along with financial firm M1 another 20% in the country's newsstand operator.

Newspaper publisher Dnevnik, its owner DZS and AB Sistemi, whose sole owner is Delo Prodaja, were offering EUR 5 per share in cash as part of a takeover bid for the outstanding share, which was published a month ago and expired last Friday.

Before the bid, valued at EUR 846,900, Dnevnik held a 7.90% stake, DZS had 27.97% and AB Sistemi 29.58%, while M1, a financial asset manager which is one the biggest shareholders of DZS, was not among Delo Prodaja's owners.

M1 said it had joined the bid because it considered Delo Prodaja shares an interesting financial investment and was interested in further acquisition.

Delo Prodaja distributes over 2.5 million copies of Slovenian and foreign newspapers and magazines across the country a month. In September, the company operated 99 newsstands and had 95 employees.

The company generated a net loss of EUR 1.54m on EUR 41.69m in sales revenue last year. Sales in the first nine months of the year were up 16% to EUR 36.35m, while net profit rose 25.5% to EUR 1.21m.

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