Slovenian investor raises stake in Serbian toolmaker Woksal

As of February 20, Slibar's stake in Woksal reached 23.69% divided into 57,505 shares, while Kustreba's holdings fell to 9.99% divided into 24,270 shares, the Serbian company said in a statement on February 21.

According to Belgrade Stock Exchange data, a total of 35,731 Woksal shares changed hands in a block transaction at 195 dinars each, or 6.97 million dinars ($65,000/60,000 euro) in total, on February 14. Outside block transactions, there has been no trading in Woksal shares in the past year.

Serbia's state equity fund is the largest single shareholder in Woksal with a 26.73% stake, followed by Kragujevac-based Style Metal Corp with 24.98%, Rok Slibar and Zivko Kustreba with 9.99%, data from the central securities depositary and clearing house showed on February 22.

Woksal's equity capital is divided into 242,747 shares of 60 dinars in par value each. The company was founded in 1965 under the name Tvrdi Metal. It was renamed to Woksal in 2005.

Woksal specialises in the production of cemented carbide cutting tools for machine processing and the mining industry, and tools for special applications. The company says on its website that its installed capacities allow it to produce 1,000 tonnes of cemented carbide annually. It employs 50 people on a business area of 5,800 square metres in the western town of Uzice.

Woksal is export-oriented. It sells 70% of its output to EU markets such as Italy, the Netherlands, Austria, Germany, Slovenia, Hungary, Poland, Romania and Bulgaria, as well as to South Africa, Russia, Turkey, Canada, Taiwan, and neighbouring Bosnia and Herzegovina, among others.

(1 euro = 117.207)