SARAJEVO (Bosnia and Herzegovina), September 29 (SeeNews) – Bosnia's Muslim-Croat Federation has scheduled a new auction for the sale of its 19.3% stake in drug maker Bosnalijek on October 6 via the Sarajevo bourse after its previous attempt failed, the bourse has announced.
The entity is trying to find a buyer for 1,507,724 Bosnalijek shares with a nominal price of 14.73 marka apiece ($8.5/7.5 euro), the Sarajevo bourse said in a notice on Wednesday.
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Last week, the Federation cut the asking price of its stake in Bosnalijek by 0.77 marka per share to increase its chances of finding a buyer.
The Federation did not receive a single bid in an auction for the sale of its stake in Bosnalijek held on the Sarajevo Stock Exchange on July 28.
Earlier this year, two auctions for a state stake in insurer Sarajevo Osiguranje also failed to attract bidders on the bourse. The government, however, succeeded recently in selling a 39.9% stake in tobacco factory Fabrika Duhana Sarajevo (FDS) to Austrian investment company CID Adriatic Investments GmbH (CID) for 42.7 million marka.
Bosnalijek's net profit increased to 11.2 million marka in 2015 from 10.1 million marka a year earlier. The company markets its product in 13 countries and employs over 700 in Bosnia.
The Federation is one of the two autonomous entities that make up Bosnia and Herzegovina. The other one is the Serb Republic.
(1 euro=1.95583 marka)