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Croatia's Fortenova raises stake in Bosnia's INIT to 83.2%

Croatia's Fortenova raises stake in Bosnia's INIT to 83.2% Croatia's Fortenova Group, Photo: Boris Kovacev/CROPIX

SARAJEVO (Bosnia and Herzegovina), November 28 (SeeNews) - Croatia's Fortenova Group raised its stake in Bosnia's Institute for Information Technology, INIT, to 83.2% from 67.01% following a buyout bid, Fortenova Group said.

The Croatian company acquired a total of 2,832 shares, or a 16.19% stake, in INIT, according to a filing with the Sarajevo stock exchange on Tuesday.

Fortenova Group, the successor to the collapsed Agrokor concern, launched the bid on October 14, aiming to acquire 5,769 ordinary shares of INIT at a price of 42.7 marka ($24.04/21.83 euro) apiece. 

The offered price valued the Sarajevo-based target company at 746,524 marka. 

(1 euro = 1.95583 marka)

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