LJUBLJANA (Slovenia), December 27 (SeeNews) – Slovenian reinsurer Sava Re [LJE:POSR] said it signed an agreement for the purchase of 77% shareholding interest in local investment fund management company KBM Infond owned by local lender Nova KBM.
“Completion of the transaction is conditional on the fulfilment of certain suspensive conditions, including inter alia the approval of the relevant regulatory bodies,” Sava Re said in a filing with the Ljubljana Stock Exchange earlier this week.
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The price of the deal was not disclosed.
KBM Infond is one of the largest fund managers in Slovenia, according to information posted on the company's website. It manages Infond Umbrella Fund with 22 sub-funds with total assets exceeding 300 million euro ($342 million).
Zavarovalnica Sava, a wholly owned subsidiary of the Sava Re Group, holds a stake of 15% in KBM Infond, according to data published on the website of the fund management company.
($ = 0.87808 euro)