July 24 (SeeNews) - Investors have subscribed the entire new 7 million marka ($4.0/3.6 million euro) share issue of Bosnia's Pavlovic International Bank [BANJ:PIBB-R-D], data from the Banja Luka Stock Exchange (BLSE) shows.
All 7.0 million newly issued shares of Pavlovic International Bank were subscribed on Monday which was the final day of the public offering.
The shares were offered at a starting price of 1.0 marka, which was also the price at which they were sold. Prior to the hike, the bank's share capital was distributed into 10,823,313 shares of 1.0 marka in par value each,BLSE data shows.
According to local news outlet Indikator.ba, the new share issue was bought by Bosnian company Pavgord and Serbia's Galens, becoming 40% owners of the Bosnian bank among themselves.
Pavgord has already received the consent of the Serb Republic's banking agency to take over 30% of Pavlovic International Bank, while Galens does not need such an approval since it is acquiring around 10%, Indikator.ba said.
BLSE data showed on Tuesday that before the capital increase the largest shareholder in the bank was one of its founders, Miroslava Pavlovic, with 36.7%, followed by Batagon International with 18.6%, the Serb Republic's restitution fund with 14.9% and the Republic's shareholding fund Akcijski Fond with 14.9%. It takes three days for changes in shareholding structure to get published.
Pavlovic International Bank is based in the Serb Republic, one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.95583 marka)