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BELGRADE (Serbia), September 3 (SeeNews) - Serbian company UTP Trgovina has launched a squeeze-out of the 6,322 shares in the capital of electronic components trader Jugoelektro it does not own yet, Jugoelektro said.
UTP Trgovina will pay 1,198.88 dinars ($11.2/10.2 euro) apiece for the shares, equal to a 9.9% stake in Jugoelektro, the company said in a filing with the Belgrade Stock Exchange on Monday.
The squeeze-out will be completed in a period of three days after the bourse filing, Jugoelektro said.
According to Serbia's Companies Law, shareholders who own at least 90% of the capital of a company may launch a compulsory squeeze-out of minority owners who have not accepted the buyout offer.
In September 2018, UTP Trgovina purchased 13,989 Jugoelektro shares at a price of 2,977 dinars apiece, lifting its stake in the company to 88.3% from 66.4%.
Jugoelektro's shares last traded on March 14, when they closed flat at 2,977 dinars, according to data from the Belgrade Stock Exchange.
(1 euro = 117.618 dinars)