Hvar To Control ORCO

The citizens of Hvar will control what ORCO does with the most valuable company on the island.

A meeting was held in the Croatian government bulding between Prime Minister Ivo Sanader and Pjerino Bebic, the mayor of Hvar. They agreed that the state will assign to the citizens of Hvar 25 percent plus one share, that is, the controlling share of the Suncani Hvar company. The Luxembourg-based ORCO group owns 47 percent of the company's shares.

Ownership of Suncani Hvar will not be changed

Damir Polancec, a Croatian vice-premier, emphasised that the ownership of Suncani Hvar would not change. During the refinancing of Suncani Hvar, the city of Hvar will take a part with a 15 milliun kuna share because the government assigned it the control package of 25 percent plus one share of the company, according to ‘Otvoreni Radio’.

The citizens of Hvar will, therefore take part in the decision-making in the most valued company on the Island of Hvar.