SKOPJE (N. Macedonia), November 30 (SeeNews) - North Macedonia's Securities and Exchange Commission (SEC) said on Tuesday it has rejected a request by Poland-based investors Wojciech Edward Pilch and Jacek Bigosinski to launch a takeover bid for Tajmiste [MSE:TAJM], a local company active in the mining, hospitality and metal products industries.
The request was rejected because the two investors have not secured funds or a bank guarantee for the planned takeover bid, the SEC said in a statement.
The investors can submit a new takeover offer for Tajmiste not earlier than one year from the date of the official cancelation of their intention.
Pilch and Bigosinski planned to offer 970 denars ($17.8/15.7 euro) per Tajmiste share.
Pilch entered the capital of Tajmiste in August, after buying a 21.88% stake in the company from individual shareholder Marija Toleska Doneska.
According to data from the country's Central Securities Depository, other shareholders owning more than 5% shareholding in Tajmiste are individual investors Natasha Toleska with a 21.98% stake and Vladimir Toleski with a 28.50% stake.
Tajmiste's shares last traded on the Macedonian Stock Exchange on August 3 at an average price of 970 denars.
(1 euro = 61.86 denars)
YOU CAN SUBSCRIBE TO OUR M&A NEWSLETTER HERE