May 10 (SeeNews) - Serbia's government has sold its entire 28.51% stake in Jubmes Banka [BEL:JMBN] to local financial firm Alta Pay Group for 5.0 million euro ($5.6 million), as part of a broader reform of the country's financial system, the finance ministry said.
The deal was executed as a block transaction worth 592.6 million dinars on the Belgrade Stock Exchange, the finance ministry said in a statement on Thursday.
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A total of 82,225 Jubmes Banka shares changed hands at 7,207 dinars ($68.6/61.1 euro) apiece.
Serbia opened the sale process in December 2018 and received two bids by the April 9 deadline. Only Alta Pay's offer met all requirements, the finance ministry said without providing the name of the second bidder.
According to May 10 data of the Central Securities Depository and Clearing House, Alta Pay is the largest single shareholder in Jubmes Banka. The remainder belongs to small shareholders, each controlling less than 6%.
Jubmes Banka has a 0.42% share of Serbia's banking market with total assets of 120 million euro, the finance ministry said.
The bank's net profit soared to 426 million dinars last year from 50 million dinars in 2017, with net interest income climbing to 555 million dinars from 382 million dinars.
($ = 0.890353 euro)