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CEO launches takeover bid for Bosnia's Progres Doboj

CEO launches takeover bid for Bosnia's Progres Doboj Bosnian marka Source:

SARAJEVO (Bosnia and Herzegovina), November 19 (SeeNews) - Zlatko Zhakula, the CEO and largest shareholder in Bosnian waste management company Progres Doboj [BANJ:PRGS-R-A] launched an offer for the shares in the company he does not already own, Progres said on Friday.

The takeover offer is valid for 30 days from the day it is published, according to a bourse filing posted by Progres.

Zhakula is offering offer 0.18 marka ($0.11/0.09 euro) per share in the buyout bid.

Progres said on Thursday that the securities commission of Bosnia's Serb Republic has cleared the planned bid by Zhakula.

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

Zhakula 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 shares last traded on the BLSE on September 14, closing flat at 0.18 marka.

The Serb Republic is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Federation.

(1 euro = 1.95583 marka)