SARAJEVO (Bosnia and Herzegovina), April 5 (SeeNews) - The securities commission of Bosnia's Serb Republic has cleared a planned buyout bid for local water and waste management company Nova Sirovina [BANJ:NSRV-R-A] by its biggest shareholder, Drago Malinovic, Nova Sirovina said.
The bidder has to launch the takeover bid within seven days after the approval, Nova Sirovina said in a bourse filing on Monday.
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Malinovic intends to offer 0.72 marka ($0.4/0.37 euro) per each share he aims to acquire.
Malinovic currently holds a 90.11% stake in Nova Sirovina, Banja Luka Stock Exchange (BLSE) data showed. The remainder is split among investors who own less than 5% each.
Nova Sirovina's share capital is divided into 5,886,822 shares, each with a par value of 1 marka.
The company's shares have not traded on the BLSE over the past year.
The Serb Republic is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.95583 marka)