SARAJEVO (Bosnia and Herzegovina), March 24 (SeeNews) – Bosnia's Muslim-Croat Federation said it has decided to dispose of its 45.5% stake in local insurer Sarajevo Osiguranje via direct negotiations, following five failed sales attempts.
The Federation will dispose of its 2,108,469 in the insurer under the supervision of its privatisation agency, it said on Thursday following a weekly government session.
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"The decision to sell via the method of direct negotiation, which is based on pre-defined criteria, was made bearing in mind that so far there have been five unsuccessful attempts to sell the state capital in Sarajevo Osiguranje," the government explained.
In August last year, Sarajevo Osiguranje announced it has completed a three month restructuring process.
A month earlier, the Federation failed to sell its stake in the insurer in two separate auctions on the Sarajevo bourse. Local media later reported that local insurance group Agram had offered 20 million marka ($11 million/10.2 million ) for the 2,108,469 state-held shares.
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)