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CEO gets regulatory approval to launch buyout bid for Bosnia's Progres Doboj

CEO gets regulatory approval to launch buyout bid for Bosnia's Progres Doboj Bosnian marka Source: www.vladars.net

SARAJEVO (Bosnia and Herzegovina), November 18 (SeeNews) - Bosnian waste management company Progres Doboj [BANJ:PRGS-R-A] said on Thursday that its CEO and largest shareholder, Zlatko Zhakula, received an approval from the securities commission of Bosnia's Serb Republic to launch an offer for the shares in the company he does not already own.

Zhakula is obliged to launch the takeover offer in up to seven days after receiving the clearance, Progres Doboj said in a bourse filing.

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The CEO announced his intention to launch a takeover offer for the company in early October. He plans to offer 0.18 marka ($0.11/0.09 euro) per share in the planned buyout bid.

Progres Doboj's share capital of 1.5 million marka is divided into 1,510,297 shares, each with a par value of 1 marka.

Zhakula currently holds 376,820 shares, representing a 24.95% stake, Banja Luka Stock Exchange (BLSE) data showed. Other large shareholders include Manojlo Blagojevic, who owns 18.8%, and the city of Doboj with a 15.8% stake,

Progres Doboj's shares last traded on the BLSE on September 14, closing flat at 0.18 marka.

(1 euro = 1.95583 marka)

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