February 26 (SeeNews) - Serbia's Agromarket said it intends to launch an offer to reach full ownership of Galenika Fitofarmacija [BEL:FITO], after recently increasing its stake in the plant protection products maker to 89.83%.
Agromarket intends to purchase a total of 268,606 shares, representing 10.17% of Galenika's share capital, it said in a bourse filing on Thursday.
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Agromarket has committed to submitting the offer with the Serbian regulatory authorities within 15 working days and launching it as soon as it obtains clearance.
The majority owner increased its stake in Galenika Fitofarmacija to 89.83% from 66.03% as part of a buyout bid in late December. It offered 3,050 dinars per share.
Galenika Fitofarmacija is one of ten members of the BELEX15 blue-chip index of the Belgrade bourse. It has 2,640,000 listed shares, with a free float factor (FFc) of 48.83%, which account for 12.99% of the total capitalisation of the index.
(1 euro = 117.542 dinars)