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Cyprus-based firm to launch buyout bid for Serbia's Valjaonica Bakra

Author Radomir Ralev
Cyprus-based firm to launch buyout bid for Serbia's Valjaonica Bakra Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

BELGRADE (Serbia), November 4 (SeeNews) - Cyprus-based company East Point Metals plans to launch a buyout bid at Serbian copper mill Valjaonica Bakra [BEL:VBSE], it said. 

East Point Metals currently owns a 80.87% stake in Valjaonica Bakra, and will be aiming to buy the remaining 19.13% of the company, it said in a filing with the Belgrade Stock Exchange on Friday. 

The Cyprus-based company targets the purchase of 123,058 Valjaonica Bakra shares, it said.

East Point Metals added it will ask Serbia's Securities Commission in the next 15 days for a permit to launch the buyout bid, and will publish the invitation to the remaining shareholders immediately after that.

Valjaonica Bakra shares last traded on the Belgrade Stock Exchange on October 16 when they closed at 2,150 dinars ($20.4/18.3 euro).

(1 euro = 117.462 dinars)

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