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Oct 28, 2009 17:38 EEST
October 28 (SeeNews) - Slovenian reinsurer Sava Re said on Wednesday it will participate in the pre-emption offering by local insurer Zavarovalnica Maribor with at least the amount Sava Re is entitled to under its pre-emptive right.
Currently, Sava Re owns 45.79% of the shares of Zavarovalnica Maribor, Sava Re said in a statement posted on Ljubljana Stock Exchange's (LJSE) website.
The time limit for subscribing for new shares of Zavarovalnica Maribor based on pre-emptive rights is October 29 and new share must be paid by October 30, the statement added.
Sava Re has been informed of the intention of Nova Kreditna Banka Maribor to participate in the pre-emption offering by Zavarovalnica Maribor. In compliance with the rules of the issuer of new shares as defined in the prospectus, Sava Re also intends to participate in the second round of the equity offering to subscribe for shares available due to any unused pre-emptive right.
In September, Sava Re said in a LJSE filing that its supervisory board had decided to back a possible takeover of Zavarovalnica Maribor.
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 Triglav and Adriatic Slovenica, data of the Slovenian Insurance Association showed.
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