ZSE can buy shares in MSE so as to increase its stake in the bourse operator to up to 30%, SEC said in a notice on Wednesday.
Earlier in June, ZSE bought 80 ordinary shares in MSE, raising its stake in the Skopje bourse to 9.92% from 7.06%.
The Zagreb bourse acquired the Slovenia's Ljubljana Stock Exchange in 2015.
ZSE's shares shares last traded on the Zagreb bourse on June 20, ending 4.76% higher at 11 kuna ($1.5/1.46 euro).
(1 euro = 7.523 Croatian kuna)