BELGRADE (Montenegro), January 9 (SeeNews) – Serbian rubber and chemical products manufacturer Tigar [BEL:TIGR] said on Monday local state-run lender Banka Postanska Stedionica has taken control of a 32.7% stake in its capital as part of Tigar's debt restructuring plan.
On December 22, Tigar approved a capital hike of 541.8 million dinars ($4.6 million/4.4 million euro) to convert debt to Banka Postanska Stedionica into equity.
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Banka Postanska Stedionica received 1,448,601 of Tigar shares with a nominal value of 374 dinars apiece under the deal, Tigar said in a filing with the Belgrade Stock Exchange.
Following the transaction, Tigar's capital increased to 1.657 billion dinars, divided into 4,429,923 shares.
As a result of the capital hike, the stake of state-owned insurer Dunav Osiguranje [BEL:DNOS] was reduced to 4.86% from 7.23%, Tigar said in a separate bourse filing on Monday.
In a separate development, on December 2, Tigar approved a capital hike of 377.6 million dinars to convert debt into share capital. To that end, Tigar issued 1.009 million ordinary shares with a nominal value of 374 dinars each. Lender Jubimes Banka [BEL:JMBN] subscribed for 61,407 shares with a combined nominal value of 23 million dinars and the town of Pirot will get 244,538 shares worth 91.5 million dinars in total. Serbian pension and health insurance state funds subscribed for 581,367 shares and 122,184 shares, respectively.
Tigar's consolidated net loss narrowed to 194.5 million dinars in the first nine months of 2016 from 317.1 million dinars in the like period in 2015. The main reason for the 2016 loss were the significant costs related to debt repayment and foreign exchange transactions, which reached 283.3 million dinars in the review period.
No Tigar shares were traded on the Belgrade Stock Exchange on Monday. The stock closed at 130 dinars on Friday.
(1 euro = 123.639 dinars)