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December 22th, 2023 - Notice of changes in the Supervisory Board

We hereby inform the investment public that the Assembly of the trading company Zagreb holding Ltd at the session held on December 22th, 2023, appointed Martina Jurišić, Andro Pavuna and Željko Matijašec as new members of the Supervisory Board for a mandate period of four (4) years. Damir Topić resigned as a member of the Supervisory Board on December 21 th, 2023
November 21th, 2023  - Moody's confirmed the Baa2 credit rating of Zagreb Holding and changed the outlook from stable to positive

On Thursday, November 16th, 2023, the international credit rating agency Moody's Investors Service (Moody's) confirmed the Baa2 credit rating of Zagreb Holding and changed the outlook from stable to positive.

The credit rating followed Moody's decision to confirm the Baa2 rating of the Republic of Croatia on November 10th , 2023, and change the outlook from stable to positive, which was also reflected in the change of outlook to positive for the City of Zagreb, due to continuous and strong budget management, moderate a measure of indebtedness and a strong institutional framework for management.

The improvement of the City's financial performance should also contribute to further debt reduction in the next few years. Furthermore, the confirmation of the Baa2 credit rating of Zagreb Holding and the change in the outlook of Zagreb Holding from stable to positive are primarily a reflection of the positive outlook of its support provider, the City of Zagreb but also the establishment of a stable institutional and operational framework and the efficient management and control over business operations, which consequently resulted in achieved financial effects.

The strategic role of Zagreb Holding in managing the city's utilities as well as in the implementation of city policy, supported by strong financial and institutional ties and the City's guarantees for the most of its financial debt, is a guarantee that the City of Zagreb would, in case of need, provide adequate support should the entity face acute liquidity stress.
November 21th, 2023 - Credit rating agency Standard & Poor's Global confirmed the B+ credit rating of Zagreb Holding with a positive outlook

On Friday, November 17th, 2023, the international credit rating agency Standard & Poor's Global confirmed the B+ credit rating of Zagreb Holding with a positive outlook.

As stated in the report, the key advantage of the Zagreb Holding is its diversity and exposure to a wide range of utility services that it performs for the City of Zagreb, which is 100% owner of the company. At the same time, the Agency states the need for stable market conditions and, as the key risk highlights the complexity of the Group's structure, whose individual business activities depend on the decisions of the City of Zagreb.

Furthermore, the new Management Board of Zagreb Holding successfully implemented a strategy that generated positive EBITDA in 2022, and the Agency expects that Zagreb Holding will continue to optimize its operations and related costs to ensure a stable EBITDA level in the next two years. Also, in July 2023, a bond in the amount of HRK 2.3 billion was successfully refinanced with a sustainable linked bond in the amount of €305 million, with favorable conditions.

Considering the strategic role of Zagreb Holding in the execution of communal services in the City of Zagreb and the implementation of city policy, strong financial and institutional relations are a guarantee that the City of Zagreb will, in case of need, provide timely support to Zagreb Holding, as indicated by the recently issued guarantee for obligations under bonds of Zagreb Holding.
28th April 2023 - Approval of the Assembly of the City of Zagreb for refinancing of obligations of the company under the existing bonds

ZAGREBAČKI HOLDING Ltd. (hereinafter: the Company) announces that, on 27 April 2023, the Assembly of the City of Zagreb has passed the Decision on granting approval to the Company for an indebtedness by issuance of bonds on the domestic capital market for refinancing of the obligations of the Company under the existing bonds ticker ZGHO-O-237A, ISIN: HRZGHOO237A3, which shall become due and payable on 15 July 2023, and on the guarantee of the City of Zagreb for the obligations of the Company under such newly issued bonds. The guarantee of the City of Zagreb is also subject to prior approval of the minister of finance.

The Company shall, upon obtaining of the necessary approvals, timely notify the public on the execution of the transaction of new indebtedness by issuance of bonds on the domestic capital market with the guarantee of the City of Zagreb, and on the terms and conditions of that transaction.
7th March 2023 - Notice of changes in the Management Board of the company Zagreb Holding Ltd.

We hereby inform the investment public that on March 7th, 2023, Mr. Boris Sesar, member of the Management Board of the company Zagreb Holding Ltd., submitted a request to be released from duty due to personal reasons. The Company's Assembly passed a decision on release, which enters into force on April 1st, 2023.​
14th February 2023 - Appointment of new member of the Supervisory Board of Zagreb Holding

The Assembly of Zagreb Holding, composed of Mayor Tomislav Tomašević and his deputies Danijela Dolenec and Luka Korlaet, at its session held on 13th February 2023, passed a decision appointing Kristijan Starčević as a new member of the Supervisory Board. The previous member of the Supervisory Board, Ratko Bajakić, resigned from the member position of the Supervisory Board for personal reasons. 

Kristijan Starčević is a longtime manager with almost 20 years of management experience in various positions in the field of finance, banking, energy industry and information technologies. 

The Assembly of Zagreb Holding thanks Mr. Bajakić for the great contribution he made in the critical phase of stabilizing the Holding’s financial operations. 
7th October 2022 - Standard & Poor's raised the credit rating of Zagreb Holding from B- to B with a stable outlook

On Wednesday, October 5th 2022, the international credit rating agency Standard & Poor`s Global raised the rating of Zagreb Holding from B- to B with a stable outlook.

This is the second increase in Zagrebački holding's credit rating in the past few months and, among other things, reflects the agency's expectations that Zagrebački holding, with the implementation of the initiated organizational, operational and financial restructuring measures, will reach the planned goals by the end of this year despite the challenging macroeconomic and energy environment. S&P also estimates that the City of Zagreb will continue to support the Zagreb Holding in the implementation of operational restructuring activities and that the Holding will refinance its bonds before they mature in July 2023.

As stated in the explanation of the credit rating, the stable outlook of Zagreb Holding is a consequence of the improved liquidity achieved through the refinancing of debt and the fact that the results of the first half of the year show that operational efficiency is improving as expected by the Agency. The half-yearly report shows that the Holding reached 51% of the annual planned EBITDA of HRK 504 million, as a result of significant cost optimization, which includes the reduction of the number of employees and the successful reorganization of business segments.

The strategic role of the Zagreb Holding in the execution of communal services and in the implementation of city policy, supported by strong financial and institutional ties, is a pledge of the Agency's expectation that the City of Zagreb will, in case of need, provide timely support to the company.

The Agency believes that joining the Eurozone will improve access to financing, which will have a positive impact on the operations of the Zagreb Holding in terms of resistance to the growth of energy prices on the market. The Agency also expects Zagreb Holding's operating costs to remain at the same levels and spending to grow below the level of inflation
 
27th September 2022 - Information on the conclusion of the Long-Term Syndicate Loan Agreement

26th September 2022 Zagreb Holding Ltd. ("Company") with the syndicate of Banks consisting of: Erste & Steiermarkische bank d.d., Nova Hrvatska banka d.d., OTP banka d.d., Privredna banka Zagreb d.d., Raiffeisenbank Austria d.d. and Zagrebačka banka d.d., signed a Long-Term Syndicate Loan Agreement in kuna equivalent up to the amount of 240 million euros ("Loan Agreement"). In this process, as Agent and Coordinator participated Zagrebačka banka d.d, as legal advisers for syndicate of Banks Mišković & Mišković law firm d.o.o. and Madirazza & partners law firm d.o.o. as Company’s legal advisers.

12th September 2022 at its 15th session, the City Assembly of the City of Zagreb adopted a Conclusion on giving its consent to the long-term borrowing and refinancing of existing loan obligations and the provision of guarantees for long-term borrowing of the Company while on 19th September 2022. the City of Zagreb received a consent to the guarantee from the Ministry of Finance of the Republic of Croatia for the Loan Agreement of the company Zagrebački holding d.o.o.

Of the total amount of the Credit Agreement, 92% is used to refinance the loans found that were granted before June 2021. The remaining 8% refers to new borrowing that will allow the completion of certain projects of operational restructuring of the Company and the Zagreb Holding Group ("ZGH Group").

According to the Company's estimates, the refinancing and liabilities undertaken by the Credit Agreement in question have not led to or will jeopardize the Company's ability to continue to perform its obligations to investors in an orderly manner. On the contrary, during 2022 and 2023, this refinancing will allow the Company to create significant cash flows for (i) the complete consolidation of the liquidity of the Company and the ZGH Group (ii) the further implementation of the operational restructuring activities of the ZGH Group; and (iii) the platform of the new investment cycle of the ZGH Group from 2023.

Furthermore, this refinancing, through the realization of the Credit Agreement, combined with the effects of operational restructuring, is a prerequisite for stabilizing the operations of the Company and the ZGH Group, which will be one of the main elements for the successful realization of the goals for 2023, and forms a quality basis for the transformation towards the long-term sustainability of the ZGH Group's business.  
8th September 2022 - Notice on the process of refinancing credit obligations

We hereby inform the investment public that the Assembly of the company Zagreb Holding Ltd. at the session held on September 7th 2022 made a decision that obliges the Management Board of the Company to send to the City Assembly of the City of Zagreb a request for consent to the long-term borrowing and refinancing of existing loan obligations up to the amount of 240 million euro in kuna equivalent through a long-term club loan from the bank club consisting of: Erste&steiermarkische bank d.d., OTP banka d.d., Privredna banka Zagreb d.d., Raiffeisenbank Austria d.d., Nova Hrvatska Banka d.d. and Zagrebačka banka d.d.

This financial restructuring, combined with the effects of operational restructuring, is a prerequisite for stabilizing the Company's business and forms a quality basis for the transformation towards the longterm sustainability of the Zagreb Holding Group's business.
 
20th July 2022 - Moody's upgrades to Baa2 the rating of Zagreb Holding; stable outlooks

Moody's raised Zagreb Holding's long-term rating by two levels on Tuesday (July 19th 2022), from Ba1 to Baa2, placing it in the investment category, with a stable outlook. The credit rating followed Moody's decision to raise the rating of the Republic of Croatia to Baa2 from Ba1 on 15 July 2022.

The stable outlook for Zagreb Holding's rating reflects the stable outlook of the owner, the City of Zagreb and Moody's expectations that Holding will maintain strong institutional, operational, economic and financial ties with the City of Zagreb. As a result, Moody's believes that Holding's credit quality is ultimately aligned with the City of Zagreb's credit rating. 
 
24th May 2022 - Moody's confirmed Ba1 credit rating of Zagreb Holding with a stable outlook

On Monday, May 23, 2022, the international credit rating agency Moody’s confirmed Ba1 credit rating of Zagreb Holding with a stable outlook. 

Read more ...
2nd March 2022 - Notice of initiation of activities due to potential divestment or sale and transfer of business shares

We hereby inform the investment public that the company Zagreb Holding Ltd., Zagreb, Ulica grada Vukovara 41, OIB: 85584865987, (further: Company) made a decision to initiate an indepth analysis and valuation of ownership shares of Gradska plinara Zagreb, Zagreb, Radnička cesta 1, OIB: 20985255037 and Gradska plinara Zagreb - Opskrba doo, Zagreb, Radnička cesta 1, OIB: 74364571096, for potentially 100% divestment or sale and transfer of those business shares.

The bodies of the Company have made decisions regarding the initiation of these activities.

In case of taking further steps in order to sell business shares in these companies, the Management Board of Zagreb Holding Ltd. will obtain all necessary consents from the competent authorities, as well as the City Assembly of the City of Zagreb.
 
1st February 2022 - Notice of selection of new branch managers and directors of affiliated companies
We hereby inform the investment public that the Management Board of Zagreb Holding Ltd. made a decision on the election of the head of branches, directors and members of the Management Board of affiliated companies on the basis of public tenders published on 16th and 23rd November 2021.

The following were elected to the leading positions of affiliated companies and branches of Zagreb Holding Ltd: 
  • Emilio Gašpić for a member of the Management Board of the company Zagreb plakat d.o.o.
  • Damir Grgić for the head of the Zrinjevac branch,
  • Krešimir Milinović for the head of the Zagrebparking branch,
  • Jurica Krleža for the head of the Zagrebačke ceste branch
  • Igor Rađenović for the head of the Gradska groblja branch,
  • Roberta Čupić for the head of the Robni terminali Zagreb branch,
  • Božena Cvitanović for the head of the Tržnice Zagreb branch,
  • Miroslav Živko for the director of the company Gradska plinara Zagreb d.o.o.,
  • Irena Benko for the head of the Vladimir Nazor branch,
  • Marin Rončević for the head of the Autobusni kolodvor branch,
  • Filip Jurišić for the head of the Zagrebački digitalni grad branch.
30th November 2021 - Notice of appointment of a new member of the Management Board
Assembly of the company Zagreb Holding Ltd. at the session held on November 30th, 2021, made a decision on the appointment of Dubravko Karačić as a new member of the Management Board for the period from December 13th 2021 to September 15th 2025.
 
11th November, 2021 - Notice of appointments of branch managers and directors of affiliated companies
We hereby inform the investment public that the Management Board of Zagrebački holding Ltd. made a decision on the appointment of new branch managers and directors of affiliated companies.

he following have been appointed directors of affiliated companies:
  1. Miroslav Živko, director / member of the management board of the company Gradska plinara Zagreb Ltd.
  2. Davor Poljak, director / member of the management board of the company Vodoopskrba i odvodnja Ltd.
  3. Jeronim Tomas, director / member of the management board of the company Gradska plinara Zagreb - Opskrba Ltd.
For the branch managers of Zagreb Holding Ltd. are appointed:
  1. Davor Vić, branch manager of the Čistoća branch
  2. Boris Sesar, branch manager of the Arena Zagreb branch
  3. Matija Subašić Maras, branch manager of the Autobusni kolodvor branch
  4. Matija Subašić Maras, branch manager of the Zrinjevac branch
  5. Matija Subašić Maras, branch manager of the Gradska groblja branch
  6. Boris Sesar, branch manager of the Zagrebački digitalni grad branch
  7. Boris Sesar, branch manager Vladimir Nazor branch
  8. Ivica Tokmadžić, branch manager of the Robni terminali Zagreb branch
  9. Božena Cvitanović, branch manager of the Tržnice Zagreb branch
  10. Krešimir Milinović, branch manager of the Zagrebparking branch
  11. Davor Merkaš, branch manager of the Zagrebačke cesta branch
Decisions on appointment shall enter into force on the November 11, 2021
28th October, 2021 - Publication of information on the revocation and appointment​ of members of the Supervisory Board of subsidiaries
22nd October 2021 - Credit rating
The international rating agency Standard & Poor's confirmed the “B-“ credit rating of Zagreb Holding on Thursday, October 21, 2021, with a correction of the outlook to negative.
4th October 2021 - Revocation of members of the Management Board and change of function of a member of the Management Board

We hereby inform the investment public that the Assembly of the company Zagreb Holding Ltd. at the session held on October 4, 2021, passed a decision on recalling the members of the Management Board:
  1. Nikola Vuković, revocation dated 4.10.2021
  2. Ante Samodol, revocation dated 4.10.2021
At the same session, the Assembly of the company Zagreb Holding Ltd. made a decision to change the function of a member of the Management Board Ivan Novaković, and he was appointed as President of the Management Board on October 4, 2021.
6th September 2021 - Status Change Information
In accordance with the Capital Market Act and all regulations applicable to it, Zagreb Holding Ltd., as a bond issuer on the capital market, hereby informs the investment public of the intention to initiate status changes of Zagreb Holding Ltd.

For the purpose of restructuring the Zagreb Holding Group, the Assembly of Zagreb Holding Ltd. issued a decision to seek prior consent of the City Assembly of the City of Zagreb on the following status changes of affiliated companies whose founder and sole member is Zagreb Holding Ltd.:
  1. Merger of the company AGM Ltd., Zagreb, Mihanovićeva 28, PIN: 37620818018 with the company ZAGREB HOLDING Ltd., Zagreb, Ulica grada Vukovara 41, PIN: 85584865987.
  2. Merger of the company CENTAR Ltd., Zagreb, Ulica grada Vukovara 41, PIN: 53675116316 with the company ZAGREB HOLDING Ltd., Zagreb, Ulica grada Vukovara 41, PIN: 85584865987.
  3. Merger of the company ZAGREBAČKA STANOGRADNJA Ltd., Zagreb, Jankomir 25, PIN: 98543096820, with the company GRADSKO STAMBENO KOMUNALNO GOSPODARSTVO Ltd., Zagreb, Savska cesta 1, PIN: 03744272526.
The intention of the merger is to achieve rationalization in business and increase business efficiency, ie increase the efficiency of business and management.

After obtaining the consent of the City Assembly of the City of Zagreb, decisions on mergers will be issued by the Assemblies of acquiring companies and merging companies and a merger agreement will be concluded in accordance with the Companies Act, after which registration will take place at the Commercial Court in Zagreb.
 
24th August 2021 - Appointment of new members of the Management Board
We hereby inform the investment public that the Assembly of the company Zagreb holding Ltd at the session held on August 23, 2021, made decisions on the appointment of new members of the Management Board for a term of four years. In addition to the existing members, the following have been appointed as new members of the Management Board:
  1. Boris Sesar, Member of the Management Board since September 3, 2021
  2. Ivan Novaković, Member of the Management Board since September 3, 2021
  3. Matija Subašić-Maras, Member of the Management Board since 15 September 2021
14th June 2021 - New management and supervisory board of Zagreb holding
At today's meeting, the Assembly of Zagreb Holding dismissed the current Supervisory Board and the Management Board of Zagreb Holding and appointed a Supervisory Board consisting of three members: President of the Supervisory Board Suzana Brenko and members of the Supervisory Board Ratko Bajakić and Damir Topić.

A partial composition of the Management Board of the Holding of two members was also appointed: The President of the Management Board Nikola Vuković and a member of the Management Board Ante Samodol. The remaining three members of the Management Board and the remaining members of the Supervisory Board will be selected in public tenders, which will be announced as soon as possible. More information is available here.
7th June 2021 - Notice of regulated information
With the conclusion on the representatives of the City of Zagreb in the assembly of the company Zagrebački holding d.o.o., the only member of the company in the assembly of the company is represented by: Tomislav Tomašević, Danijela Dolenec
and Luka Korlaet.
10th March 2021 - Notice of regulated information
With the conclusion on the representatives of the City of Zagreb in the assembly of the company Zagrebački holding d.o.o., the only member of the company in the assembly of the company is represented by: Jelena Pavičić Vukičević, Olivera Majić and Slavko Kojić.
19th September 2020 -  Moody's upgraded the credit rating of the City of Zagreb and Zagreb Holding
2nd October 2020 - New credit ratings of Zagreb Holding
29th May 2020 -  Published annual financial statements for 2019.
24th April 2020 - Supplement notice of publication of the annual report for 2019 
Circumstances caused by the coronavirus epidemic (COVID-19) and the additional earthquake in the City of Zagreb affect the complex organizational and operational processes of the Issuer, which is why Zagrebački holding doo, despite its extreme efforts, will certainly not be able to reach the usual deadline, in accordance with Article 462 of the Law on capital market, to publish audited annual reports relating to the business year ended December 31, 2019. The reports will be published in the last week of May this year. 
20th April 2020 - Notice of publication of the revised annual reports for 2019
In accordance with the measure of the Croatian Government concerning the regulation of the deadline for the publication of annual financial statements, Zagreb Holding, as Issuer, informs the investor community that reports for the previous business year, completed 31 December 2019, plans to release in the last week of May this year.
1th April 2020 - The renowned rating agency Standard & Poor's corrected the outlook on the credit rating of Zagreb Holding at 'B+' with a negative outlook on the current liquidity. The full text of the report is available at this link.
12th September 2019. The renowned rating agency Standard & Poor's affirmed on Monday, 9th September 2019. the outlook of Zagreb City Holding as stable and the credit rating at B+.
30th April 2018 -  Zagreb holding Group - Annual report (PDF)
27th June 2017. Subscription form for BONDS- II tranche
3 th July 2017. Notice on the final amount of the issue of the Second Tranche of Notes of  Zagrebački holding d.o.o.
20th June 2017 Notice on Regulated Information
(Intended Transaction on Capital Market)


Zagrebački holding d.o.o., Ulica grada Vukovara 41, HR-10000 Zagreb, Republic of Croatia, personal identification number (OIB): 85584865987 ("Issuer"), publishes its intent to issue the second tranche of notes with a total nominal value of up to HRK 500,000,000 (the "Second Tranche Notes"), which, together with the notes already issued by the Issuer in the first tranche on 15 July 2016 with a total nominal value of HRK 1,800,000,000, which are listed on the Official Market of the Zagreb Stock Exchange (the "First Tranche Notes"), shall form one integral issue of notes by the Issuer with a total nominal value of up to HRK 2,300,000,000 (the "Maximum Total Nominal Value"), securities ticker ZGHO-O-237A, ISIN designation HRZGHOO237A3, with a fixed annual interest rate of 3,875%, and maturity date on 15 July 2023 (the "Notes").

Payment of all amounts due under the Notes, regardless of the tranche in which they are issued, is secured by an unconditional and irrevocable guarantee of the City of Zagreb.
 
For the purposes of issue of the First Tranche Notes, the Issuer has published Information Memorandum of up to HRK 2,300,000,000.00 issue of notes, dated 29 June 2016 and, pursuant to Article 342, Paragraph 1, Item 4, of the Capital Market Act, the Issuer shall not publish a Prospectus for the issue or the listing of the Second Tranche Notes. A Second Tranche Notes Information Memorandum, which will form an integral part of the Information Memorandum dated 29 June 2016, will be available to interested investors on the Issuer's website (https://www.zgh.hr/aktualnosti-10/investitori/2370).
 
All Notes, regardless of whether issued as the Frist Tranche Notes or the Second Tranche Notes, grant the same rights to their holders, as established by the Information Memorandum dated 29 June 2016 and repeated in the Second Tranche Notes Information Memorandum. The Issuer's obligations under the Notes are equal in relation to all Notes, regardless of the tranche in which they are issued. Both tranches of Notes are part of an integral issue of Notes up to the Maximum Total Nominal Value, with the same due date, interest rate and all other terms and conditions (except from issue yield and issue price).
 
Yield until maturity and the price of the Second Tranche Notes will be determined at the time of pricing of the Second Tranche Notes. The price of the Second Tranche Notes will be increased by accrued interest for the period starting on, and including, 15 July 2016 until, but excluding, the date of issue of the Second Tranche Notes. Interests will be paid annually.

The expected date of issue of the Second Tranche Notes is 3 July 2017.

The Issuer will use the net proceeds of the Second Tranche Notes to redeem at maturity its existing notes issued in 2007 (outstanding EUR 153.700.000,00, 5.50% p.a., maturity date 10 July 2017, ISIN XS0309688918). Any surplus after redemption of all the said notes shall be used to finance the Issuer's capital projects.

The Second Tranche Notes shall be publicly offered on the capital market in the Republic of Croatia in accordance with the Croatian Capital Market Act (Official Gazette, nos. 88/2008, 146/2008, 74/2009, 54/2013, 159/2013, 18/2015, 110/2015 and 123/2016). The Issuer intends, subject to approval of the Zagreb Stock Exchange, to list Second Tranche Notes on the Official Market of the Zagreb Stock Exchange.

The Issuer has engaged Privredna banka Zagreb d.d. and Zagrebačka banka d.d. as joint agents in connection with the intended issue of the Second Tranche Notes and their listing on the Official Market of the Zagreb Stock Exchange.

The Issuer will timely notify the public and interested investors on all material issues in relation to the issue of the Second Tranche Notes and their listing on the Official Market of the Zagreb Stock Exchange.

This notification is not and may not be deemed as an offer to purchase the Notes, or as advice or recommendation for trading with any existing or future security instruments of the Issuer.

2nd May 2017 - Zagreb holding Group - Annual report (PDF)

16 March 2017.  Moody's Improves Outlook of Zagreb Holding

In its last report published yesterday, Moody's, one of the largest international credit rating agencies, affirmed the credit rating of Zagreb Holding (BA3), changing its outlook from negative to stable. As stated in the report, the outlook was improved due to reduction of foreign currency debt, refinancing of bonds and stability of financial performance and liquidity, among other things. In addition, the outlook was changed to positive owing to continuous support provided by the City of Zagreb, which Moody’s recognized as strong institutional ties. The outlook of the City of Zagreb was also rated as stable.

 

27 January 2017.  Change of business address

Administrative Agent in relation to the bonds of Zagreb City Holding Ltd., as the Issuer, ticker GHO-O-237A, ISIN codes HRZGHOO237A3, Mamić Perić Reberski Rimac Law Firm Ltd., from 1 February 2017 will operate at the new business address:
 
Ivana Lučića 2A
Euro Tower - 23. kat
HR-10000 Zagreb

30 December 2016 In its latest report published on 29 December 2016, the renown international credit rating agency Standard & Poor’s, improved the outlook of Zagreb Holding, revising it as stable and maintaining the credit rating at BB-. This is the third consecutive improvement of credit rating, which serves as an additional confirmation of a good business direction set by Zagreb Holding.

The outlook has also been improved thanks to, among other things, successful refinancing of notes, stabilised relations between credit indebtedness and operating profit as well as the continuing support of the City of Zagreb, the outlook of which, as well as that of the Republic of Croatia, has also been affirmed as stable.

19 July 2016 Decision on Listing of Notes on the Official Market of Zagreb Stock Exchange (PDF)
15 July 2015 For the purpose of listing the First Tranche of Notes, the Issuer completed the Information Memorandum of Issue of Notes dated 29 June 2016, which it published on 30 June 2016 on its website, by adding exclusively the following: dates that were unknown at the moment of signing, data on yield, annual interest rate, issue price, the exact number of Notes issued in the First Tranche of Notes, which are to be listed, as well as other data determined by the Announcement on Final Terms of Issue as well as the International Securities Identification Number (ISIN), which is assigned by the Central Depository and Clearing Company.
This Information Memorandum, published on 15 July 2016, represents an integral version and carries the date of the Information Memorandum of 29 June 2016, which the Issuer published on 30 June 2016, on its website.
15 July 2016 Information Memorandum of Listing of Notes - download here
15 July 2016 Announcement on the Final Issue Amount of the First Tranche of Notes - download here
14 July 2016 Final Results Announcement - download here
13 July 2016 - Announcement on Final Terms of Issue of the First Tranche of Notes of the Company Zagreb Holding Ltd
13 July 2016 Yield to maturity has been updated to 4.4% (+/- 5bps). Please note that we hereby retain the right to an earlier closing of the subscription period on 13 July 2016.
11 July 2016 Following enquiries on the part of certain investors, Zagreb Holding Ltd hereby publishes additional information. All terms used in the text have the same meaning as determined by the Information Memorandum of 29 June 2016, which was published on the website on the same date.
Additional information - download here
11 July 2016 Open Order Book

It is our pleasure to announce the issuance of the first tranche of notes of the company Zagreb Holding Ltd (“Issuer”), in the target nominal amount of HRK 1.8 billion, with maturity in 2023 (“Notes”).
Subscription Form is available in the section INVESTORS. Please note that the order book of Notes is open starting from today, 11 July 2016 (from 09:00 a.m.), until 13 July 2016 to 04:00 p.m. Please note that we hereby retain the right to an earlier closing of the subscription period on 13 July 2016.
Note: The manner of placing of orders is based on the Pot Orderbook.
The offer by a specific investor made to any Joint Issuing Agent is treated as a uniform offer of the same investor and is visible to all Joint Issuing Agents.
Please send the filled-in Subscription Form within the specified period, to one of the Joint Issuing Agents, pursuant to the contact data specified in the Invitation to Subscribe.
8 July 2016 Invitation to Investors to Subscribe the First Tranche of Notes of the Company Zagreb Holding Ltd
                                                         
Download here:
8 July 2016 Updated Corporate Presentation of the Zagreb Holding Group - download here
30 June 2016 Announcement on Regulated Information 
                      (Planned Transaction on the Capital Market)
 
Zagreb Holding Ltd, Ulica grada Vukovara 41, HR-10000 Zagreb, Republic of Croatia (“Issuer”), hereby informs about the intention to issue new notes (“Notes”) up to the total highest nominal amount of the entire issue of HRK 2,300,000,000.00 (“Total Highest Nominal Amount”), in one or more tranches, with unconditional and irrevocable guarantee of the City of Zagreb, for all pecuniary liabilities of the Issuer towards the holders of Notes, which Notes shall be offered on the capital market in the Republic of Croatia, pursuant to the Capital Market Act (Official Gazette Nos. 88/2008, 146/2008, 74/2009, 54/2013, 159/2013, 18/2015, 110/2015). All tranches shall be part of a uniform issue up to the Total Highest Nominal Amount, with the same maturity, interest rate and other terms.
The funds raised by means of issue of Notes shall be used for the following purposes: (i) early redemption and/or repayment upon maturity of the existing notes of the Issuer issued in 2007 (EUR 300,000,000.00, interest rate of 5.50% per year, maturity in 2017, ISIN XS0309688918), given that the Issuer, within the period after the completion of the process of early redemption up until final repayment upon maturity of the existing notes (10 July 2017), may invest the available funds exclusively in pre-defined purposes; (ii) possibility that the remaining amount, after the settlement of liabilities on the basis of the existing notes, shall be used for the financing of the Issuer’s capital projects.
 
The expected maturity of Notes is 7 years following the issuance of the first tranche. Yield to maturity, interest rate and the price of Notes shall be established on the occasion of determining pricing terms of Notes. Interest shall be paid annually. Number of tranches, nominal amount of every tranche, the total nominal amount of issue of Notes, the price as well as other terms of Notes shall be determined by the Issuer.
For the intended issue of Notes and their listing on the Official Market of Zagreb Stock Exchange, the Issuer has engaged Privredna banka Zagreb d.d. (public limited company) and Zagrebačka banka d.d. as joint issuing agents, responsible for organising a series of meetings with the interested investors in Croatia. The exact time of issuance and number of tranches shall depend on market conditions and the Issuer’s decision.
Pursuant to the provision of Article 342, paragraph 1, item 4 of the Capital Market Act, the Issuer shall not publish a Prospectus on Issue of Notes or a Prospectus on Listing of Notes. Information Memorandum shall be available to the interested investors on the website of the Issuer.
The Issuer’s intention is to issue the first tranche of Notes in the highest nominal amount of up to HRK 1,800,000,000.00 (“First Tranche”). After the First Tranche, the Issuer may, but is not required, to issue further tranches of Notes, up to the Total Highest Nominal Amount, which shall represent a uniform issue of Notes together with the First Tranche. As to all possible further tranches of Notes, the Issuer shall publish in a timely manner an appendix to the Information Memorandum, in which shall be specified all terms of offer of issue of every such possible further tranche of Notes.
The public as well as investors shall be informed in a timely manner about all important elements of the procedure of the issue of the First Tranche of Notes, as well as every possible next tranche of Notes and their listing on the Official Market of Zagreb Stock Exchange.
This announcement is not and shall not be considered offer to buy Notes, advice or a recommendation for trading in the existing or future Issuer’s securities.

Other documents
30 June 2016 Announcement on launching early redemption procedure of notes listed on the Luxembourg Stock Exchange in the English language, which is the language commonly used in the international financial circles.
27 April 2016 The Management Board of Zagreb Holding has cancelled the Basic Collective Agreement with the employees of the Company due to a justified change of circumstances in the context of the legal entity’s business operations, numerous legislative changes on the national level, as well as for the purpose of ensuring compliance with the legal standards of the European Union and operational functionality of higher quality.
The former Basic Collective Agreement signed in the year 2002 had to be cancelled also due to inability of collective bargaining with trade unions, which were unable to meet legal requirements prescribed by law and failed to deliver the required proof on representation authorisation.

The Management Board remains open to continue collective bargaining with the employees’ representatives, announcing standardisation as regards duties and complexity of each job position. By means of the new Collective Agreement, which implies economic optimisation, allocation of financial resources would be made more sustainable. The new Collective Agreement also strives for significant improvement in the management of available human resources, as well as more efficient business operations. The Group is obligated to undertake internal organisational changes due to its social responsibility and general objective state of the economy.
The rights arising from the cancelled Basic Collective Agreement shall be in force for the next six months.
19 April 2016 Zagreb Holding Ltd hereby distances itself from the recent media claims, pertaining to the refinancing of its liabilities, in connection with the notes issued in 2007 (EUR 300,000,000, interest rate 5.50% per year, maturity in 2017, ISIN XS0309688918, hereinafter: “Existing Notes”). Zagreb Holding Ltd shall timely inform the general public on the selected model for refinancing its liabilities in connection with the Existing Notes, in accordance with all relevant regulations.
26 February 2016 In line with Article 398 of the Capital Market Act, Zagreb Holding Ltd, as the issuer of securities which are listed on a regulated market in the European Union, has chosen the Republic of Croatia as the home Member State.
8 February 2016 Zagreb Holding Ltd has opened preparatory activities with the aim of refinancing its existing long-term liabilities, including the liabilities based on the notes issued in 2007 (EUR 300,000,000, interest rate 5.50% per year, maturity in 2017). For this purpose, Zagreb Holding Ltd has engaged Zagrebačka banka d.d. and Privredna banka Zagreb d.d., as its financial advisors, which shall support Zagreb Holding Ltd in the process of analysing and selecting the optimal model for refinancing its long-term liabilities. If needed, the Company shall engage other advisors in this procedure.