You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Serbia's UTP Trgovina to squeeze out minority owners in Jugoelektro

Author Radomir Ralev
Serbia's UTP Trgovina to squeeze out minority owners in Jugoelektro Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

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)

Compare