(Alliance News) - Thalassa Holdings Ltd on Monday said it will loan EUR11 million to Gitone Beteiligungsverwaltungs.
The surveying services company said the loan - which has an interest rate of 0.75% - will be given in two tranches. The first installment of EUR5.5 million will be given to Gitone immediately, with the remaining EUR5.5 million to be paid within six months through a cumulative loan with a conditional conversion option.
Gitone has a number of investments in Europe, Thalassa said, adding that the Gitone recently acquired a controlling stake in a Croatian hotel & leisure group which in 2018 generated revenue of EUR42.5 million and earnings before interest, tax, depreciation and amortization of EUR11 million.
"Croatia is a truly beautiful country with an unspoiled coastline and over 1,200 pristine islands and islets stretching over 1,000 miles southwards from the Istrian Peninsular to Dubrovnik and the Montenegro border. I am thrilled to be involved in such an exciting opportunity and look forward to reporting more extensively in due course," said Thalassa Chair Duncan Soukup
Thalassa shares were down 9.5% at 62.00 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Thalassa (di) (THAL)