SARAJEVO (Bosnia and Herzegovina), October 11 (SeeNews) – Malta-based financial services provider KBC Euro Credit Capital is the new owner of a 19.3% state stake in Bosnian drug maker Bosnalijek, which was auctioned off last week for 23.4 million marka ($13.3 million/12 million euro) via the Sarajevo bourse, data from the securities commission of Bosnia's larger entity shows.
The securities commission of the Federation of Bosnia and Herzegovina has replaced the entity's government as a stake holder in Bosnalijek with KBC Euro Credit Capital. The Malta company is now the second largest shareholder in the Bosnian drug maker, following Luxembourg-based company Haden with a 29.9% stake.
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Last week, KBC Euro Credit Capital offered 15.51 marka per share for a total of 1,507,724 shares in Bosnalijek, above the 14.73 marka asking price.
"There were several interested buyers, hence the sales deal was made with the highest bidder - the buyer who offered the highest price", the Sarajevo bourse said in an emailed statement to SeeNews back then.
This was the second auction for the state stake in Bosnalijek, after the first one, held on July 28, failed to attract bidders.
In September, the Federation cut the asking price of its stake in Bosnalijek by 0.77 marka per share to increase its chances of finding a buyer.
Earlier this year, two auctions for a state stake in insurer Sarajevo Osiguranje also failed to attract bidders on the bourse. The government, however, succeeded recently in selling a 39.9% stake in tobacco factory Fabrika Duhana Sarajevo (FDS) to Austrian investment company CID Adriatic Investments GmbH (CID) for 42.7 million marka.
Bosnalijek's net profit increased to 11.2 million marka in 2015 from 10.1 million marka a year earlier. The company markets its product in 13 countries and employs over 700 in Bosnia.
The Federation is one of the two autonomous entities that make up Bosnia and Herzegovina. The other one is the Serb Republic.
According to KBC's website, the company provides trade finance facilities, capital market transactions, project & SME financing, proprietary and non-proprietary fund management, and investment banking services.
(1 euro=1.95583 marka)