April 27 (SeeNews) - Bosnian trading and services company Farex said it is planning to launch a takeover bid for the remaining 50.2% in local car dealer Herzegovina Auto [SASE:HRCAR] it does not yet own.
Farex has become legally obliged to launch the bid after its stake in Herzegovina Auto recently increased to 49.82%, Tesanj-based Farex said in a statement with the Sarajevo bourse on Friday.
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Herzegovina Auto's net profit soared to 235,000 marka ($130,000/120,000 euro) last year from 54,000 in 2018, as its operating revenue rose to 4.9 million euro from 4.0 million euro, bourse data showed.
The company's shares last traded on the Sarajevo bourse in a block transaction on April 22, with 164,000 shares changing hands at 4.88 marka each for an overall 800,320 marka.
(1 euro = 1.95583 marka)