Orka Holding is offering 2,266 denars ($39.6/36.8 euro) per share in the offer, targeting 27,596 shares it does not already own in Zito Polog, Orka Holding said in a notice filed with the Skopje bourse.
The targeted shares represent a 49.3% stake in the company. Zito Polog's share capital is divided into 55,997 shares with a par value of 51.13 euro each.
The takeover offer will close on March 18.
Zito Polog shares last traded at an average price of 2,266 denars on the stock exchange in Skopje on June 6.
Skopje-based Orka Holding was established in 1990. The group has over 20 companies with more than 1,800 employees.
(1 euro = 61.59 denars)