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Oct 08, 2020 12:21 EEST
October 8 (SeeNews) - North Macedonia's securities and exchange commission said it has given the green light to construction company Gradezen Institut Makedonija AD-Skopje to submit an offer for the shares it does not already own in local peer Fabrika Karpos AD Skopje [MSE:KPSS].
The offer refers to 63,892 shares with voting rights, representing a 21.36% stake in Fabrika Karpos, and values each of the shares at 470 denars ($8.9/7.6 euro), the commission said in a statement on Wednesday.
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Currently, Gradezen Institut owns 224,739 shares in Fabrika Karpos. The offer does not target 10,481 shares with no voting rights owned by Fabrika Karpos.
Gradezen Institut has not set a success threshold for its buyout bid.
Fabrika Karpos shares last traded on the stock exchange in Skopje on July 30 at an average price of 441 denars.
Gradezen Institut, majority shareholder of Fabrika Karpos since 2013, announced its intention to submit a buyout bid for Fabrika Karpos in August.
(1 euro = 61.64 denars)
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