February 28 (SeeNews) - Serbia has sold its 83.23% stake in the capital of Komercijalna Banka [BEL:KMBN] to Slovenia's largest lender Nova Ljubljanska Banka [LJE:NLBR] at a price significantly higher than its estimated value, Serbian prime minister Ana Brnabic said.
The agreed price for the sale of the government's shareholding is 387 million euro ($425.6 million), whereas according to the financial adviser on the deal the stake's estimated value is between 338 million euro and 375 million euro, Brnabic said in a statement on Thursday.
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Despite the privatisation of Komercijalna Banka, the government keeps its presence in the finance sector, as it owns majority stakes in Srpska Banka and Banka Postanska Stedionica, Brnabic said.
On Thursday, Serbia's government signed an agreement to sell its stake in the capital of Komercijalna Banka for 387.02 million euro, subject to a 2% annual interest rate between January 1, 2020, and the closing of the transaction. The sale price implies a valuation of 465 million euro for 100% of Komercijalna Banka's ordinary share capital.
Komercijalna Banka's existing shareholders will also receive a dividend equal to 50% of the 2019 net income, which will allow the Serbian government to generate an additional income of about 31 million euro.
($ = 0.909277 euro)
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