Slobodan Vucicevic to buy share of Croatian 'Magma' company - 21,6 million EUR for 'Turbo limac' and 'Urban Republic'

The Croatian company "Magma", a distributor of branded toys and clothes, accepted the offer by "NCA Investment Group" from Belgrade to buy 51% stake in several of Magma's "daughter-companies", and transaction worth 24.6 million euros will be made until the end of February 2011 .


The owner of "NCA Investment" is Slobodan Vucicevic who was until recently the CEO of Droga Kolinska sold to Croatian "Atlantic Group", says today seebiz.eu, a business site.


"Magma" is, on the other hand, the owner of a chain of retail stores "Turbo limac" Turbo Sport "," Urban Republic "and" Magma fashion ", in Croatia, Bosnia and Herzegovina, Serbia and Slovenia.


Decision to sell shares to "NCA Investment" (NCA IG) was made late last week at a meeting of the Supervisory Board of "Magma" which discussed the bids of investors interested in strategic alliance, according the statement by "Magma", as quoted by Hina.


"NCA IG" will buy 51% stake in Magma's affiliated companies -" Magma International" from Belgrade, "Magma B" Sarajevo, "Kozmolina" Belgrade, "Adria Design" Zagreb and a new society ND in Zagreb (which will be established no later than 26 February 2011) about which was signed Memorandum of Understanding, according to the statement posted on the Zagreb Stock Exchange.


The agreed sales price of these shares is 21.6 million euros (159.56 million kunas).


After acquiring these shares, "NCA IG" and "Magma" will make the capital injection to "Adria Design" from Zagreb with 6 million euros (44.32 million kunas), while retaining the same share.


"Magma" states that "NCA IG" is a strategic investor in the range of the children's section and that it is to be expected that the development of brands with which "Magma" has been holding leading position in the markets of Croatia, Bosnia and Serbia, will get a new momentum.