December 24 (SeeNews) - The Securities Commission of Bosnia's Federation has rejected a request by Turkish explosives producer Kirlioglu Kimya Sanayi Ve Ticaret Anonim Sirketi to launch a buyout bid for the remaining stake of 0.3216% in local detonator manufacturer Pobjeda Rudet Gorazde it does not already own, Pobjeda said on Friday.
The request was rejected by the Commission at a meeting held on December 22, Pobjeda said in a bourse filing, without disclosing further details.
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Pobjeda said in September that the Turkish company, which owns 99.6784% of its share capital, intended to make a buyout offer for the remaining minority stake.
Pobjeda Rudet manufactures electric detonators and detonating cords, among other products.
The Federation is one of two autonomous entities that form Bosnia and Herzegovina. The Serb Republic is the other entity.