Zagreb, Croatia, May 21, 2026 - Following the announcement of the public invitation to subscribe for new shares through a secondary public offering (SPO), the Croatian investment group BOSQAR INVEST held an investor presentation and panel discussion titled “How Can Croatia Develop a New Generation of Large Companies?”
The panel featured Gordan Kolak, President of the Management Board of KONČAR; Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange; Dalibor Ćubela, President of the Management Board of Zagrebačka banka; Stjepan Orešković, founder and majority owner of BOSQAR d.d.; and Darko Horvat, President of the Management Board of BOSQAR d.d., while the discussion was moderated by Zoran Šprajc.
Kolak: “Boldness in decision-making makes the difference between successful and unsuccessful companies”
Speaking about BOSQAR INVEST, Gordan Kolak highlighted that he has been part of the system for many years as an independent member of the company’s Supervisory Board, and that what connects him with the BOSQAR team is a shared compatibility in thinking about company development and understanding the market.
“It is precisely that compatibility that ties me to the team currently leading BOSQAR INVEST, and what is particularly important to me is seeing who the people leading the company are, how they think, and whether we share the same values,” said Kolak.
Kolak also emphasized that today’s market requires companies capable of adapting quickly and courageous enough to make decisions.
“Those who have the ability to adapt quickly will reach their goals faster. Taking responsibility and having the courage to make decisions are what society lacks the most today. The boldness to embark on a certain path ultimately makes the difference between successful and unsuccessful companies. And that is what sets BOSQAR apart,” he added.
Speaking about the potential of Croatian companies for international growth, Kolak said that Croatia may be a small country, but that does not mean it cannot create large systems.
“Significant scaling of companies is possible. The question is whether the entire ecosystem is strong enough to support such breakthroughs,” Kolak stated.
Gažić: “BOSQAR moved from institutional investors to retail investors at the speed of light”
Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange, emphasized that BOSQAR’s development on the domestic capital market is unprecedented in Croatia.
“BOSQAR, then still operating under the name Meritus, already demonstrated in 2019 that it understood the American approach to doing business on the stock market and how to leverage the best of the Croatian capital market, primarily institutional investors and pension funds. In less than six years, they have reached the stage where they are offering shares to retail investors, which is the speed of light for the Croatian capital market,” said Gažić.
She added that the domestic capital market has shown new momentum in recent years and growing interest from retail investors following several successful IPOs.
According to Gažić, Croatia is not too small a market to create large regional companies such as BOSQAR and KONČAR, and precisely such breakthroughs further develop the domestic investment culture and create space for new large companies.
Šprajc: “I have personally been a BOSQAR shareholder since 2019”
During the discussion, Zoran Šprajc also highlighted his own investment experience in the company, stating that he has been a BOSQAR shareholder since 2019 and that the decision at the time has returned his investment multiple times over, considering that the share price has increased by more than 700 percent over those six years.
This opened a discussion on investor confidence in Croatian companies and the changes taking place in the Croatian capital market in recent years.
Speaking about BOSQAR’s future acquisition of PIK Vrbovec, Šprajc emphasized that this is a situation in which one Croatian company is acquiring another Croatian company, thereby keeping strategic food-production capacities in Croatian ownership.
Horvat: “BOSQAR wants to build one of the strongest food and agriculture groups in the region”
Darko Horvat emphasized that the company’s growth is not based on a “secret recipe,” but rather on long-term thinking and an international perspective.
“There is no secret ingredient. It was a combination of decisions and market circumstances, but above all people who think beyond Croatia’s borders,” said Horvat.
Speaking about the announced acquisition of PIK Vrbovec, he stressed that it represents an important step forward for the Croatian economy and the Croatian food industry.
“I believe it is excellent for the Croatian economy that one Croatian company is buying another Croatian company. Our goal is to further strengthen the self-sufficiency of domestic agriculture,” emphasized Horvat.
He added that through the Future Food vertical, which already includes Panvita and Mlinar, BOSQAR aims to build one of the strongest food and agriculture groups in the region.
Ćubela: “Without strong banks, there are no major entrepreneurial success stories”
Dalibor Ćubela, President of the Management Board of Zagrebačka banka, which is part of BOSQAR INVEST’s SPO as the lead arranger of the issuance, emphasized that the development of large companies is not possible without a combination of knowledge, capital, and willingness to take risks.
“On one hand, you must have technology and expertise, which we at Zagrebačka banka possess, and on the other, investors who are willing to take on a certain level of risk. We offer our experience, which we have as a central institution – historically, regionally, and at the European level – and companies that choose to take it into consideration can benefit from it. From a regional perspective, we possess knowledge that does not exist elsewhere. At the same time, the backbone of everything are strong companies willing to make breakthroughs and develop the economy,” said Ćubela, adding that such companies create trust and a sense of stability in the market.
He also emphasized that without a strong banking sector there would be no successful domestic business stories such as BOSQAR.
“Without strong banks, there would be no stories like this. The Croatian market needs to be strengthened further so that domestic companies can grow globally,” he concluded.
Orešković: “The only real difference between those who succeed and those who do not is – daring to try”
Stjepan Orešković, founder and majority owner of BOSQAR d.d., said that investors ultimately invest most in people.
“Every serious investor, after due diligence and financial analysis, wants to know who is leading the company and whom they can call when necessary. That is why it is crucial to bring together people with vision,” emphasized Orešković.
He pointed out that the quality of people has been the foundation of all BOSQAR acquisitions and development, including regional expansions such as the investment in Panvita in Slovenia.
“We have never done anything outside the circle of people we know and trust,” he added.
Speaking about entrepreneurship, he concluded that the key to success is the willingness to take a step forward and assume risk.
“The only real difference between those who succeed and those who do not is – daring to try,” he concluded.