Croatian Yard Raises $30M For Investment

Croatian repair shipyard Viktor Lenac signed agreements to raise a total of $30.4 million for financing a major enlargement through a new share issue and a loan. The company will increase its capital by $11.9 million, or almost 40 percent, by issuing 687,994 ordinary and preferred shares. Investors include International Finance Corporation, Deutsche Investitions und Entwicklungsgesellschaft, a private Dutch firm with a stake in Lenac - Beleggingsmaatschappij Ella III - and Croatian branch of Raifeisenbank Austria. Lenac will use the funds for the purchase of a new Aframax repair dock and other projects totaling $58.3 million that it hopes will increase its competitive edge in the region.