July 12 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] said on Tuesday it has increased its stake in Bosnia's Energopetrol to 67%, after signing an acquisitions deal with Hungarian MOL which saw INA gain an additional 33.5% in the Bosnian company.
Following the transaction MOL is no longer a direct shareholder in Energopetrol. Bosnia's Muslim-Croat Federation entity holds 22% in the fuel retailer, while the remainder is in the hands of small shareholders.
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By acquiring an additional 1,840,128 company shares, INA is now the single largest distributor of petroleum products in Bosnia with a total of 101 active filling stations in the retail network, the company said in a statement.
"INA’s management board made this business decision based on market opportunities in Bosnia, and with the aim of further improving the company's regional position which can positively impact INA's business operations and further the placement of other company products on the Bosnian market," it noted.
Earlier this year, the Federation said it plans to sell its equity in Energopetrol in 2016.
The Federation is one of the two autonomous entities that make up Bosnia and Herzegovina. The other one is the Serb Republic.