BUSINESS NEWS
Tele2 Croatia
NOTIFIED OF APPROVAL OF THE SALE TO UNITED GROUP
The Croatian Competition Agency has notified Tele2 AB (“Tele2”) (Nasdaq Stockholm: TEL2 A and TEL2 B) and United Group of its decision to approve the sale of Tele2 Croatia to United Group. Tele2 now awaits the publication of a formal approval. Tele2 announced the sale of its Croatian business to United Group on 31 May 2019. On 25 November 2019, the Croatian Competition Agency initiated a so called Phase II investigation. Now, the agency has notified Tele2 and United Group of its decision to approve the transaction. A formal approval is expected to be published the coming weeks. As part of United Group’s family of telecom and media companies, Tele2 Croatia will be able to create even greater value for its customers.
Končar KET
NEW DEAL IN MACEDONIA
Končar - Inženjering za energetiku i transport (Končar - KET) and the Electricity Transmission System Operator of North Macedonia (MEPSO) signed a contract for the project of construction of a new 400/110 kV Ohrid transformer station on Friday in Skopje. The deal is worth EUR 14.3 million, as Končar reports. The project involves complete construction of a new 400/110 kV plant, preparation of project technical documentation, delivery, assembly, testing and commissioning of primary and secondary equipment. The other end of the TS 400 kV Bitola power line will be equipped as part of this project.
IKEA
TO CLOSE A LARGE MALL DUE TO POOR CUSTOMER TRAFFIC
Swedish furniture chain IKEA announced that they will close a big shopping mall in Coventry, UK, this summer due to poor customer traffic and business losses. According to BBC, Ikea says that the store has consistently lost money since it opened in 2007, and the number of customers was lower than they initially expected. Representatives of the famous Swedish company stated that they will talk to the workers soon and try to find them an adequate job in other stores. The Coventry shopping centre is one of 22 Ikea stores in Great Britain.
Zagrebačka banka
PROFIT HRK 300 MILLION LOWER
Operations of Zagrebačka banka in 2019 were marked a by a slight increase in net income from interests (2.8%), slight decline (-2%) of net income from commissions and fees, but also by a relevant increase of the cost of provisions and value adjustments (by 191 million, to a total of 761 million), according to the unrevised data published at the Zagreb Stock Market today. The Bank finally reported HRK 1.56 billion in profit after tax for last year, which is 300 million less than the year before. The Bank's profit, of course, represents the principal amount of the Zagrebačka banka Group's reported profit that reached HRK 1.76 billion, i.e. around 240 million less.
Badel 1862
GOVERNMENT SELLS OVER 2.9 MILLION SHARES FOR HRK 38.1 MILLION
The Government closed a deal with Badel 1862 at the end of last week, according to which the state sold little over 2.9 million shares in the company, i.e. 11.5%, to Badel, and the state will get around HRK 38.1 million for this stake. This is a transaction that was carried out after the shareholders of Badel 1862 made a decision at
the General Meeting held on January 13 to withdraw the shares of that company from the Zagreb Stock Exchange. The government represented by CERP voted against this decision, and after its entry in the court register, CERP made a request to Badel 1862 within the legal deadline for redemption of shares at fair value.
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