July 1 (SeeNews) - Bosnian insurer Central Osiguranje plans to merge into local peer ASA Osiguranje [SAJ:ASAOR], local media reported.
Both insurers will seek their shareholders' approval for the merger at separate meetings scheduled for July 15, news provider Indikator reported on Thursday.
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The merger will create a new leader in the Bosnian insurance sector in terms of gross written premiums, according to the report.
Earlier this year, local financial services company ASA Finance raised its stake in Central Osiguranje to 95% from 86.48%, Indikator reported. Education center CEPS - Centar za poslovne studije Kiseljak owns the remaining 5% stake in Central Osiguranje.
ASA Finance owned a 80% stake in ASA Osiguranje as of June 24, data from the Sarajevo Stock Exchange (SASE) showed.
ASA Osiguranje's shares last traded on the SASE on December 27, closing 84% higher at 184 marka ($98.2/94.1 euro).
(1 euro = 1.95583 marka)
ASA Osiguranje d.d. Sarajevo is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
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