November 7 (SeeNews) - Saudi Arabia-based business group Al-Shiddi Trading and its Bosnian arm Al-Shiddi International d.o.o. Sarajevo said on Monday they plan to launch a tender offer for the residual stake in Bosnian wholesale trader Magros-Veletrgovina [SAJ:MGVSR].
The investors plan to launch a joint takeover offer for a total of 5,358 shares in Magros-Veletrgovina they do not already own, they said in a filing to the Sarajevo Stock Exchange (SASE).
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They currently own among themselves 1,193,116 shares, representing a 99.553% stake in Magros-Veletrgovina, with Al-Shiddi International holding a 74.9193% stake and Al-Shiddi Trading owning a 24.6337%, bourse data shows.
Magros-Veletrgovina's total capital of 119.8 million marka ($61.2 million/61.3 million euro) is divided into 1,198,474 shares with a par value of 100 marka each.
Magros-Veletrgovina's shares last traded on the SASE on October 10, closing flat at 150 marka.
(1 euro = 1.95583 marka)