Port of Zadar: Capital increase completed
Port of Zadar: Capital increase completed
Author: CSEBA / SEEbiz
13th July 2018
ZADAR - Port of Zadar announced the General Assembly on August 30, which will confirm the recapitalization of the company and in accordance with the new ownership structure and composition of the Supervisory Board, including four Chinese.

The capitalization was carried out after the decision of the last year's assembly and on June 10, SKDD implemented its subscription capital increase in its information system. Share capital increased from HRK 21.2 million to HRK 44.4 million, amounting to HRK 65,711,800. Thus Luxury Real Estate became the owner of 75.02 percent stake in Zadar Port.

In the new Supervisory Board there will be four Chinese: Wai Leung Wong, Yuehua Qi, Jinagxiong Hu and Yongdong Wu.

The Supervisory Board enters Mario Rendulić from Zagreb, who becomes president for a term of four years. Rendulić is president of the China-South East European Business Association (CSEBA) and is credited for the first Chinese investments in Croatia - in Krapinske Toplice and now in Zadar.

- Fresh capital will be used to modernize the port - new cranes, forklifts will be purchased, and improvements will be made for storage facilities, Rendulić told SEEbiz.

After that, most recently, a further cycle of investment in the container terminal is expected in which more than 215 million kuna will be invested, Rendulić added.

Strategically, it is expected that in the next few years, Port of Zadar will shift part of the traffic and cargo of Chinese partner companies that are now in Koper Port, and the Chinese commodity through Zadar will soon reach European destinations. Chinese partners have recognized Zadar as part of an important Chinese project "One Belt, One Road", so the entry of Chinese capital into the ownership structure of Zadar port is a logical move.

Luka Zadar needs fresh capital after three financially rough years, which have barred it from fulfilling its obligations under the 25 year concession contract.

 

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