Bosnia's Serb Republic launches buyout bid for Sarajevo Gas

The Share Fund is offering 0.9994 marka ($0.53/0.51 euro) per share in the buyout bid, which is valid for 30 days from the announcement, it said in a filing with the Banja Luka Stock Exchange (BLSE).

In the offer, the Share Fund acts together with the entity's Pension Reserve Fund and the Restitution fund. Following the bid, the newly acquired shares will be split equally between the three funds.

The Serb Republic owns 7,379,825 shares, representing a 45.000028% stake in Sarajevo Gas, through the three funds. The Share Fund has a 29.999998% stake, the Pension Reserve Fund holds a 10.000018% stake, and the Restitution Fund owns 5.000012%.

Among the remaining shareholders, the largest single stake of 31.7% in Sarajevo Gas is held by a custodial account held by local lender Raiffeisen Bank, followed by local investment fund Kristal Invest, which owns 19.99% interest. The remainder is held by individual shareholders with less than 1% interest each.

Sarajevo Gas' shares last traded on the BLSE on November 8, when they closed 24.65% higher at 0.90 marka.

Sarajevo Gas transports and distributes gas in the municipalities of Istocna Ilidza and Istocno Sarajevo.

The Serb Republic is one of two entities that make up Bosnia and Herzegovina. The other is the Federation.

(1 euro = 1.95583 marka)