Serbia's Victoria Group to squeeze out minority owners in Sojaprotein

The shares will be purchased at a price of 180 dinars ($1.7/1.5 euro) apiece, equal to the price which Victoria Group paid to increase its stake in Sojaprotein to 90.38% from 89.09% in a buyout bid completed on September 2, the company said in a filing with the Belgrade Stock Exchange on Friday.

The squeeze-out will be completed in a period of two working days after the bourse filing, Victoria Group 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.

Victoria Group purchased 177,931 Sojaprotein shares at a price of 180 dinars apiece. After the completion of the buyout bid, Victoria Group holds 12,466,842 Sojaprotein's shares.

The soybean processing company is one of 11 members of the BELEX15 blue-chip index of the Belgrade bourse. It has 13,793,133 listed shares, with a free float factor (FFc) of 9.62%, which account for 0.73% of the total capitalisation of the index.

(1 euro = 117.456 dinars)