February 27 (SeeNews) - The securities commission of Bosnia and Herzegovina's Serb Republic cleared a planned buyout offer for local structured metal products Metalno [BANJ:MTNO-R-A] by its majority shareholder, construction company Jokic-Invest, Metalno said on Monday.
The bidder has to launch the buyout offer within seven days after the date of approval, Metalno said in a filing to the Banja Luka Stock Exchange (BLSE).
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Jokic-Invest intends to offer 0.276 marka ($0.15/0.14 euro) per each Metalno share in the buyout bid.
Jokic-Invest became legally obligated to launch a buyout bid for Metalno after its shareholding interest in the company reached 69.97%, it said in an earlier statement.
Metalno's largest shareholders after Jokic-Invest are Vajka Spasojevic with a 10.7% stake and Slaven Milicevic with 3.4%, bourse data updated on February 23 showed.
Shares in Metalno have not traded on the Banja Luka bourse in the past year.
The Serb Republic is one of two autonomous entities which form Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.95583 marka)