OPG files a request for arbitration against the State Property Management Agency
The claims relate to underlying title disputes to properties on the Island of Hvar in Croatia held through the Croatian company Suncani Hvar d.d., which is listed on the Zagreb Stock Exchange, of which Orco owns approximately 55.6% and the State approximately 31.7% of the shares.
The State will provide its response to Orco's claims shortly.
Both Orco and the State are focused on the continuing success and operations of Suncani Hvar and do not anticipate these parallel arbitration proceedings impacting this commitment in any way. Legal teams from both sides will work on the arbitration, while the finance, operations and hotel teams will continue to make Suncani Hvar and the Island of Hvar the leading tourist destination in Croatia.
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