September 7 (SeeNews) - An unnamed Chinese investor has bought a 70% stake in Bosnian cattle company Farmland for 24 million euro ($27 million), local media reported.
The investor will move into Farmland's premises in Nova Topola, where it will set up a new company and produce milk exclusively for the Chinese market, broadcaster ATV reported on Tuesday, quoting the president of the company's board of directors, Predrag Zgonjanin.
You can subscribe to our M&A newsletter here
According to the Banja Luka bourse, Farmland's largest shareholder as of September 1 was FL Grupa doo Nova Topola, a limited liability company for production and marketing services, with a 43.1% share, followed by Farmland LLC with 37%. The remainder was in the hands of banks, pension funds and individual investors, while a 2.6% stake was held by the entity's restitution fund.
Farmland ended 2015 with a net loss of 6.2 million marka ($3.6 million/3.2 million euro).
The Serb Republic is one of two entities in Bosnia and Herzegovina, the other is the Muslim-Croat Federation.
($=0.8897 euro)