Klara to Delist from Zagreb Stock Exchange After 23 Years
Čakovec Mills hold 89.54 percent of share capital, and the Management Board and Supervisory Board claim that the costs of stock exchange listing have become too heavy a burden for operations.
Čakovec Mills hold 89.54 percent of share capital, and the Management Board and Supervisory Board claim that the costs of stock exchange listing have become too heavy a burden for operations.
Zagreb-based bakery Klara is proposing the withdrawal of all 283,760 ordinary shares (ZPKL-R-A) from the Regular Market of the Zagreb Stock Exchange. Shareholders will vote on the proposal at the General Assembly scheduled for September 30, 2026, and if the decision is accepted, the company will leave the exchange after more than 23 years, given that its shares have been traded in Zagreb since June 2003.
Klara's Management Board and Supervisory Board justified the proposal by stating that the company no longer derives significant benefits from having its shares listed on the capital market or from trading in them. At the same time, they note that the costs associated with the listing are significant and, given the company's operating circumstances, represent a considerable burden.
"The company does not derive significant benefits from the listing of its shares on the capital market or from trading in them. On the other hand, the costs associated with the listing are significant and, given the company's operating circumstances, represent a considerable burden," the explanation, as reported by Lider, reads.
The proposed delisting comes a year and a half after the Croatian Financial Services Supervisory Agency (HANFA) approved Čakovec Mills' takeover bid for Klara in February 2025 at a price of 120.25 euros per share. At the time of the offer, Čakovec Mills already directly and indirectly controlled 244,294 Klara shares, and the offer pertained to the remaining 39,466 shares.
Currently, Čakovec Mills holds 89.54 percent of the shares of Zagreb bakeries Klara, which significantly limits the free float of shares. At the end of December last year, the bakery segments of NewMip and Čakovec Mills were transferred to Klara, so the company took over facilities in Sisak, Našice, Čakovec, and Oroslavje.
The transfer of bakery units significantly increased the scale of operations. In the first six months of 2026, Klara's total revenues increased by 36.3 percent, reaching 27.52 million euros compared to 20.19 million euros. However, costs grew even faster, approaching 27.5 million euros, leading to a drop in net profit from 853.2 thousand to just 20.6 thousand euros.
In the second quarter, the company recorded a loss of 453.3 thousand euros. At the same time, investments increased significantly: Klara invested over 11 million euros in tangible and intangible fixed assets in the first half of the year, and long-term bank loans rose from 4.09 million to 14.25 million euros. As of the end of June 2026, the company employed 775 workers.
The proposed decision includes protection for shareholders who do not agree with the delisting. Klara is obliged to buy back shares from shareholders who vote against the delisting at the General Assembly and subsequently submit a request for repurchase within the statutory deadline. Typically, fair compensation will be equal to the average market price of the share in the last three months before the announcement of the assembly call.
If trading in the shares occurred on less than one-third of the trading days in that period, an independent certified auditor will determine the value. It is also proposed that the management be authorized to acquire own shares from shareholders who voted against the delisting, over the next five years, up to a maximum of six percent of the share capital.
