September 19 (SeeNews) - Bosnian iron ore mining company RZR Ljubija [BANJ:LJUB-R-A] said on Monday it received its shareholders approval to cancel an earlier decision to double its capital which would have changed its ownership structure.
Shareholders of RZR Ljubija voted in favour of the proposed cancellation of the capital increase plan at a meeting that took place on September 16, the company said in a bourse filing.
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In August, RZR Ljubija's shareholders approved a plan to issue 50,777,428 new ordinary shares of 1 marka in par value each - an amount equal to the company's existing capital of 50,777,428 marka ($26.96 million/26 million euro). The new share issue would have been placed with American-Canadian Consortium SE-GEDC, thus making the New-York based company the biggest shareholder of RZR Ljubija.
Currently, RZR Ljubija is majority owned by Bosnia's Serb Republic, which holds a 64.9% stake through its Share Fund, a 9.99% stake through its Pension Reserve Fund and a 4.99% stake through its Restitution Fund.
RZR Ljubija's shares last traded on the Banja Luka Stock Exchange on September 2, closing flat at 1.01 marka.
The Serb Republic is one of two autonomous entities that form Bosnia and Herzegovina. The Federation is the other one.
(1 euro = 1.95583 marka)