ZAGREB: Blitz, the leading Croatian distributor, has performed an internal reorganisation and replaced its direct shareholder of operational companies with a holding company registered in Malta.
Croatian media wrote at the beginning of 2017 that the company has moved headquarters to Malta as it became a part of the Hero Holdings Limited company, but representatives of Blitz told FNE that the company has undergone an internal reorganisation in order to improve its expansion on the European market and therefore it did not move headquarters to Malta.
The holding will comprise, in addition to Blitz, the companies Duplicato Media and Vox Communications, and Hrvoje Krstulović will remain the owner of the holding.
“The reason for this restructuring was to group all of our operational companies under the same corporate ownership in order to facilitate our further expansion on European markets and to have better access to capital market”, representatives of Blitz told FNE. According to Total Croatia News, Blitz had revenues of approximately 16.6 m EUR / 126 m HRK and profits of almost 6 m EUR / 45 m HRK in 2016.