BANJA LUKA (Bosnia and Herzegovina), October 16 (SeeNews) – Bosnian privately held Pavlovic International Bank said on Friday it has raised its share capital to 18.4 million marka ($14 million/9.4 million euro) from 16.1 million marka by converting retained profit into equity.
The bank has issued 2,281,453 new shares with a par value of 1.00 marka each, it said in a filing to the Banja Luka Stock Exchange.
The new shares were registered on October 13, the statement said.
Pavlovic International Bank shares last traded on January 30, closing at 2.00 marka, unchanged from the previous trading on January 22, when the stock plunged 10.71%, bourse data showed.
Pavlovic International Bank (www.pavlovic-banka.com) is based in Bijeljina, in the eastern part of the Serb Republic, which together with the Muslim-Croat Federation forms war-divided Bosnia. Its main shareholder is local Pavlovic family with a stake of 80%. Private companies and individuals own the remainder.
The bank started operations in 1999. It has offices in 13 towns in the Serb Republic, serving some 100,000 clients.
Pavlovic International Bank's net profit rose to 1.62 million marka in 2008 from 144,549 marka a year earlier.
(1 euro=1.95583 Bosnian marka)