Croatian hotel operator SUNCE HOTELI d.d. (ZGSE:SUKC) said its shareholder approved on December 20, 2021 a proposal to increase the company's capital up to HRK 119 million ($18 million/€16 million) through a new share issue. “The company's capital will be increased by a new share issue to be paid in cash in a move to raise capital necessary to carry out the company's business plan,” Sunce Hoteli said in a filing with the Zagreb bourse. On December 17, 2021, the company said it plans €44.2 million ($50 million) investments in 2022 to raise the quality of its services and its capacities, as some €29 million of the investments will be covered by an issue of new shares. The rest will be provided for by borrowing from commercial banks. According to the proposal for the capital increase, the hotel operator will issue up to 1,190,217 new regular shares with a face value of HRK 100 each and issue price of HRK 184. The capital increase will be considered successful if at least 996,331 new shares are subscribed for. Eagle Hills Zagreb Real Estate, the Croatian arm of UAE-based real estate developer Eagle Hills, will have the right to subscribe up to 83.71% of the new shares, and pension fund management company Erste d.o.o. will subscribe up to 16.29% of the issue on account of the pension funds that it runs. Sunce Hoteli's share capital of HRK 595.5 million is divided into 5,954,585 ordinary shares of HRK 100 in par value each. Eagle Hills Zagreb Real Estate controls almost 80% of Sunce Hoteli which operates 11 hotels, a camping ground and other tourism assets in Croatia. Most of its properties are managed and operated in-house, under the brand BlueSun Hotels and Resorts. Shares of Sunce Hoteli last traded on the Zagreb bourse on December 2, 2021 when they closed 16% higher at HRK 145.