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Government consents to agreement on transfer of LRH shares to Opatija

ZAGREB, 26.7.2007.

The government held a telephone session on Thursday and decided to exempt from sale 25% plus one share in the Liburnia Riviera Hotel (LRH) hotel chain and to give its consent to an agreement on the dissolution of property rights relations and the transfer of 25% plus one share in LBH and an annex to the agreement, the government said in a statement.

The government's decision went into force today.

The aforementioned agreement was signed in the northern Adriatic resort of Opatija on June 14 by Croatian Privatization Fund president Grga Ivezić, Opatija Mayor Amir Muzur, and LRH board chairman Kristijan Staničić. Prime Minister Ivo Sanader was present.

The shares will be transferred onto the city of Opatija and the transfer refers to 75,991 ordinary shares each worth 3,200 kuna.

The signatories to the agreement agreed that this was an original acquisition of shares and that LRH would acquire ownership over part of the property it uses that was the subject of a legal dispute, whereby the city of Opatija and another three local self-government units wanted ownership restitution on said property. (Hina)

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