On 1 July 2020, the Croatian National Bank (CNB) became the holder of all business stakes of the Croatian Monetary Institute (CMI). The CMI continues with the production programme of minting coins.
The CNB and the Commercial Services Agency (AKD) founded the CMI in 1993. Since its foundation, AKD and the CNB had been holders of 57.4% and 42.6% of the business stakes of the company, respectively. The CMI generates almost all of its revenue from two production programmes: minting of coins and the production of licence plates for road vehicles. In 2018, based on a joint decision, AKD and the CNB began the process of the division of the company, with the objective to separate the licence plates and minting of coins production programmes. In this process and in line with their core activities that define their business interests, the CNB took a full control of the minting of coins, while AKD took over the production of licence plates.
In legal terms, such a separation was conducted through the change in status foreseen by the Companies Act as the division by acquisition of the company of capital. Such a change in status implies a spin-off of the licence plates production programme (business unit) from the CMI (as a company that is being divided) and the acquisition by AKD (as the acquiring company). The production programme (business unit) of the minting of coins remained within the CMI, while the CNB became the holder of a 100% business share of the CMI, which did not cease but continued its operations.
An assessments of the value of the company and the corresponding division balance sheet were prepared under the process of division by acquisition. These documents served as a basis for the implementation of the whole project.
In view of the established value of the company, i.e. the value of its business shares and assets and liabilities that are divided, on account of the established difference between the value of the existing business shares and the business shares and assets subject to acquisition, the CNB will pay to AKD, as the acquiring company, the compensation in the amount of HRK 15,271,000 (in words: fifteen million two hundred seventy-one thousand kuna).
The entry of the division in the register of companies and all legal consequences of the division became effective on 1 July 2020.