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BELGRADE (Serbia), August 23 (SeeNews) - Serbian energy and hydropower facilities builder Hidrotehnika-Hidroenergetika [BEL:HDRT] said on Friday its management supports fully the buyout bid launched recently by local company Aqua Mont Service for the 29.93% stake it does not yet own in Hidrotehnika-Hidroenergetika.
Aqua Mont Service, owned by Serbian citizen Aleksandar Milosavljevic, launched the bid on August 13, planning to buy 44,137 shares in Hidrotehnika-Hidroenergetika at a price of 1,119.38 dinars ($10.5/9.5 euro) apiece until September 2.
Hidrotehnika-Hidroenergetika said in a bourse filing on Friday that the offered price is fair and in line with the law on company takeovers.
Hidrotehnika-Hidroenergetika also noted that it supports Aqua Mont Service's future intentions, which include working towards Hidrotehnika-Hidroenergetika's financial stabilisation considering its negative business results, keeping its core business and implementing strategic plans without layoffs nor pay cuts.
In January, Aqua Mont Service purchased a 70.1% stake in the capital of Hidrotehnika-Hidroenergetika from the Serbian government for 977,000 euro.
Hidrotehnika-Hidroenergetika is currently implementing projects in Serbia, Tunisia and Algeria. It has been operating at a loss since 2014.
There has been no trading in Hidrotehnika-Hidroenergetika shares on the Belgrade Stock Exchange in the past three years.
(1 euro = 117.916 dinars)