You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Czech investor acquires 51.7% stake in Serbian paint producer Duga

Author Radomir Ralev
Czech investor acquires 51.7% stake in Serbian paint producer Duga UDI Group project in Belgrade; Source: UDI Group

BELGRADE (Serbia), July 11 (SeeNews) - Czech company UDI Resort said on Thursday it has acquired a 51.74% stake in the capital of Serbian paint and varnish producer Duga [BEL:DUGAM].

UDI Resort purchased a total of 161,191 Duga shares under a takeover bid launched on June 17, the Czech company said in a filing to the Belgrade Stock Exchange.

In April, UDI Resort said it plans to launch a takeover bid for an 89.7% stake in Duga, targeting the acquisition of 279,434 shares.

UDI Group, the owner of UDI Resort, said in May it plans to invest 8 billion Czech korunas ($349 million/310 million euro) in the construction of a residential and retail complex in Serbia's capital Belgrade. The complex will have a gross floor area of 280,000 square metres, with Duga owning several small plots of land adjacent to the property acquired by UDI Group from Austria's Ring International Holding, the CFO of the Czech company, Libor Taborsky, said back then.

Before the launch of the takeover bid, the largest shareholder in Duga was Serbian company Belfin, owned by Austria's Theia Beta Management, with a 49.9% stake, followed by state-owned Serbian fund Akcionarski Fond Beograd with 23.3%. Duga owned 10% of its own capital at the end of 2018.

UDI Resort was established in October 2018 and is owned by Czech citizen Radek Mensik, data from the Czech Republic Business Register shows.

Duga has 311,521 ordinary and 9,306 preferential shares listed on the Belgrade Stock Exchange, each of 3,600 dinars ($34/30.5 euro) in par value.

(1 euro = 117.700 dinars)