March 15 (SeeNews) - Serbia's real estate group Kopernikus Systems said it plans to launch a takeover bid for the 2.95% stake in hotel operator Hotel Prag [BEL:PRAG] that it still does not own.
Kopernikus Systems will target to buy 15,804 Hotel Prag shares, the real estate group said in a filing with the Belgrade Stock Exchange on Tuesday.
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Kopernikus Systems is obliged to apply for the launch of the takeover bid within 15 days after publicly announcing its intentions in a bourse filing, the firm said.
The real estate group currently owns 519,474 of the total 535,287 shares comprising the capital of Hotel Prag, a stake equal to 97.05%, bourse data shows.
On Monday, trading of 343,165 shares, or a 64.1% stake, in Hotel Prag generated 595.7 million dinars ($5.1 million/4.8 million euro) on the MTP segment of the Belgrade Stock Exchange.
Hotel Prag was majority owned by Novi Sad-based company IB Investment with a 63.9% stake as of October 2016. The state owned 32.6%, while the remainder was in the hands of minority shareholders.
In 2007, the hotel was purchased for 10 million euro by a consortium of local companies which later resold their stakes.
Hotel Prag operates the eponymous 82-room four-star business hotel in downtown Belgrade.
No Hotel Prag shares traded on the Belgrade stock market on Wednesday. Their last closing price was 1,736 dinars.
(1 euro = 123.892 dinars)