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Sep 25, 2009 15:35 EEST
September 25 (SeeNews) - Slovenian reinsurer Sava Re said its Supervisory Board has decided to back a possible takeover of associated local company Zavarovalnica Maribor.
At a session held on 23 September 2009, the Sava Re Supervisory Board discussed the capital increase at Zavarovalnica Maribor and decided it supports a possible takeover of the associated company, Sava Re said in a statement to the Ljubljana Stock Exchanged (LJSE) on Thursday.
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The Supervisory Board therefore supports the Management Board of Sava Re in further negotiations with the Management Board of the biggest shareholder of Zavarovalnica Maribor, Nova Kreditna Banka Maribor (NKBM), the statement said.
The Supervisory Board of insurer Zavarovalnica Maribor has authorised an increase in the share capital of the company by 14.2 million euro ($20.9 million), Croatian online news outlet Limun (www.limun.hr) reported earlier this month, quoting Slovenian media.
According to data from Sava Re's website, the company owns 45.49% of Zavarovalnica Maribor whose subscribed capital totals 28.4 million euro on consolidated basis.
NKBM controls a stake of 49.96% in Zavarovalnica Maribor, data from the lender's 2009 first-half financial report showed.
At the end of 2008, Zavarovalnica Maribor (www.zav-mb.si) ranked as Slovenia's third largest insurer with a market share of 12.47% in terms of premium income, trailing behind Triglav and Adriatic Slovenica, data of the Slovenian Insurance Association showed.
Sava Re shares, part of LJSE's broader SBI20 index, closed 1.3% lower at an average price of 15.20 euro on Thursday.
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