You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Bosnian oil wholesaler NES launches takeover bid for Krajinapetrol

Bosnian oil wholesaler NES launches takeover bid for Krajinapetrol raybon/Shutterstock.com

SARAJEVO (Bosnia and Herzegovina), December 30 (SeeNews) - Bosnian wholesaler of oil products NES said on Monday it has launched a takeover bid for the 67.75% stake it does not already own in local fuel trader Krajinapetrol [BANJ:KRPT-R-A]. 

The oil wholesaler is offering to purchase 13,876,371 ordinary shares of Krajinapetrol at a price of 0.81 marka ($0.5/0.4 euro) apiece, NES said in a filing with the Banja Luka Stock Exchange (BLSE). 

The offer will remain open for 30 days. 

Last month, NES acquired 32.24% of the share capital of Krajinapetrol, triggering an obligation to launch a takeover bid for the remaining shares. 

In October, Krajinapetrol reported a 107.67% surge in net profit in the first nine months of 2019 to 995,092 marka. The company's assets totalled 24 million marka at the end of September, up from 22.4 million marka a year earlier. 

Krajinapetrol's shares last traded on December 26, closing at 0.80 marka, unchanged from the previous trading session. 

(1 euro = 195583 marka) 

Compare