Serbia's Metalac-Proleter oks squeeze-out plan of cookware maker Metalac

The move was approved at an extraordinary shareholders meeting held on February 26, Metalac-Proleter said in a brief bourse filing on Wednesday.

It gave no further details on the planned squeeze-out.

Metalac holds some 92% of Metalac-Proleter, while the company itself has a 6.9% stake, and the remainder belongs to smaller shareholders, data from Serbia's central securities registry showed on February 29.

In December, Metalac raised its stake in the subsidiary to its current holdings, from some 65%, following a buyout bid in which it acquired 45,596 shares at 5,109 dinars ($47.2/43.6 euro) each.

Metalac-Proleter has 128,632 listed shares of 600 dinars in par value each. They have not traded on the Belgrade bourse in the past year.

Metalac's shares last traded on February 22, closing up 0.06% at 1,551 dinars.

(1 euro = 117.199 dinars)