Croatian investors tackle delisted shares amid Pivac’s stake in Adris Group

In recent years many Croatian companies have withdrawn their shares from the Zagreb Stock Exchange, leaving small shareholders with illiquid securities. Owners can still realise value by arranging private sales to individuals or investors, using brokers that operate on the over‑the‑counter market, or by waiting for a compulsory squeeze‑out if a majority owner increases its stake. Private transactions involve notarised contracts and fees to the Central Clearing Depository (SKDD), while broker‑mediated sales may be cheaper for larger deals.

Separately, Mesna industrija Braća Pivac purchased a 1.42% holding of Adris Group’s preferred ADRS2 shares, valued at about €10.6 million, and entered the top ten shareholders on the exchange. The stake grants dividend rights but no voting power. Neven Pivac confirmed the purchase was purely an investment, expecting over €300 000 in dividend income, and ruled out any takeover intentions.