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LJUBLJANA (Slovenia), March 9 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Friday it has acquired a 92.94% stake in Serbian insurer Energoprojekt Garant from Energoprojekt Holding.
Sava Re and Energoprojekt Holding signed the deal in November last year, while Serbia's central bank and other regulators granted their approval on March 2, Sava Re said in a filing to the Ljubljana Stock Exchange.
On March 9, 2018, a block trade was announced on the Belgrade Stock Exchange for 146,155 ENGR shares representing 92.84% of the share capital of Energoprojekt Garant.
Sava Re will become the formal owner of these shares as soon as they are transferred to its account with the local securities clearing company. In accordance with Serbian law, Sava Re will announce its intention to take over the target.
After it becomes the sole shareholder, Sava Re said it intends to merge the target with its existing subsidiary, the Serbian non-life insurer Sava nezivotno osiguranje, and then optimise the subsidiary’s capital structure.
Energoprojekt Garant, established in 1992, specialises in construction and liability insurance.