Podravka CEO says rumours about sale of state-owned shares not affecting business operations

Podravka Management Board president Zvonimir Mrsic said on Wednesday that rumours about the sale of the state-owned stake in the Koprivnica-based food concern "are in no way affecting business activities", underscoring that the primary objective of the Management Board was to achieve long-term sustainable growth and profitability.

"The Management Board is not discussing the sale, nor can it influence shareholders to keep or sell their shares. Shareholders are independently managing their stocks and the Management Board is in charge of running the company, protecting its interests and presenting business results as transparently as possible so that shareholders can decide whether to keep, sell or buy more shares," Mrsic told the press on the fringes of the Croatian-Turkish Economic Forum, organised by the Croatian Chamber of Commerce.

Mrsic stressed it was the job of the Management Board to make the company attractive enough to current and future investors. He recalled that Podravka wrapped up last business year with the best results in the past 25 years and that the financial statement for this year's first quarter would be released in several days.

Podravka said on Tuesday that due to the announcement of possible sale of the state-owned shares, the Management Board and the Supervisory Council had not yet decided to call the annual shareholders meeting at which, among other things, a decision on the payment of the first dividend in ten years should be adopted.

Podravka wrapped up 2015 with profits amounting to nearly HRK 157 million, of which 57 million is expected to cover losses carried over and 5 million should go to statutory reserves.

Last update: Wed, 27/04/2016 - 12:24

More from Business

ECB to hold rates, decides against extending bond-buying scheme

The European Central Bank left its key interest rates at historic lows on Thursday and left its 80-billion-euro-a-...

Nissan finishes purchase of 34-per-cent stake in Mitsubishi Motors

Nissan Motor has completed its purchase of a 34-per-cent stake in scandal-plagued Mitsubishi Motors for 237 billion...

EU seeks to strengthen trade defence measures as China threat looms

The European Commission proposed a new compromise Wednesday to protect EU industry against unfairly cheap imports,...

Study shows Europeans work 19 per cent fewer hours than Americans

Europeans work on average 19 per cent fewer hours per year than Americans, a new study by three economists from the...

Final decision on VW settlement expected within week

Volkswagen seems well on the way to get final approval on a proposed settlement in the emissions test scandal, but...