January 12 (SeeNews) - The securities commission of Bosnia and Herzegovina's Serb Republic cleared a planned takeover offer for local mining company Nemetali [BANJ:NMTL-R-A] by bentonite-based product maker Bentoproduct, Nemetali said.
The bidder has to launch the takeover offer within seven days after the date of approval, Nemetali said in a filing to the Banja Luka Stock Exchange (BLSE) on Wednesday.
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Bentoproduct plans to offer 0.32 marka ($0.18/0.16 euro) per each Nemetali share in the takeover offer, the investor said in an earlier statement. In the offer, the investor will act together with individual shareholder Adam Vitarigov, who holds 499,902 shares representing 62.18% interest in Nemetali. Bentoproduct does not own any shares in Nemetali.
Other Nemetali shareholders include local Business Center with a 21.2% stake, individual shareholder Rizvan Azkhabov with a 5% stake and Nikola Kantar with a 3.2% stake. The remaining interest is split among individual investors holding less than a 1% stake, BLSE data updated on January 5 showed.
Nemetali's equity capital of 803,927 marka is divided into 803,927 shares, each with a par value of 1 marka. The shares last traded on the BLSE on November 3, when they closed 3.81% higher at 0.30 marka.
The Serb Republic is one of two autonomous entities which form Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.95583 marka)