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Croatia's INA launches due diligence at Bosnia's Krajinapetrol - report

Croatia's INA launches due diligence at Bosnia's Krajinapetrol - report Croatian energy firm INA, Photo:

SARAJEVO (Bosnia and Herzegovina), November 14 (SeeNews) - The government of Bosnia's Serb Republic is ready to sell its stake in local fuel trader Krajinapetrol [BANJ:KRPT-R-A] to Croatian oil and gas company INA [ZSE:INA] and has granted its consent to INA to conduct due diligence, Bosnian media reported on Thursday. 

INA has already started the due diligence process, following which it will decide whether to launch a bid for acquiring a stake in Krajinapetrol, news portal reported.

INA owns a 9.7% stake in Krajinapetrol, while the Serb Republic government holds 52% of the total issued share capital as of November 14, according to data from  the Banja Luka Stock Exchange (BLSE). 

Krajinapetrol's shares last traded on Monday on the BLSE at 0.74 marka, unchanged from the previous trading day.

Krajinapetrol's net profit rose to 995,092 marka ($559,896/508,782 euro) in the first nine months of 2019, from 479,159 marka a year earlier, said.

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

(1 euro = 1.95583 marka)