Serbia's Jadran to delist after squeeze-out by Banija-Pal

The decision was adopted by shareholders at an extraordinary meeting on March 29, Jadran said in a brief bourse filing without providing further details.

Banija-Pal owns 100% in Jadran following a squeeze-out in July 2022. Banija-Pal bought the initial 111,093 shares, or a 99.74% stake in Jadran, in November 2021.

Jadran shares did not trade on the Belgrade bourse in the past year.

The company turned to a net loss of 12.6 million dinars ($119,000/111,000 euro) in January-June 2023, from an 8.8 million dinars net profit in the prior-year period. Its revenue plunged to just 2.0 million dinars from 37.8 million dinars in the period, according to its latest available financial statement.

Temerin-based Banija-Pal was founded in 2005. It's owned by local entrepreneur Milorad Ostojic, according to trade registry data.

(1 euro = 117.096 euro)