September 30 (SeeNews) - State-owned Investment-Development Bank of Bosnia's Serb Republic, IRBRS, said it has signed a contract to sell local marble producer Novi Mermer for 205,000 marka ($103,100/104,800 euro) to investor Branko Macanovic.
Under the deal, Macanovic has pledged to invest additional 410,000 marka in the company and hire new employees in the next three years, the IRBRS said in a press release on Thursday.
You can subscribe to our M&A newsletter here
IRBRS in April offered for sale 1,342,477 shares of Novi Mermer, representing 100% of the company's equity capital of 1.34 million marka in par value.
The IRBRS established the company in 2008 using assets acquired in bankruptcy proceedings and has made several unsuccessful attempts to sell it over the years. Novi Mermer recorded a net loss of 37,522 marka in 2020, local news provider Capital reported last year.
Novi Mermer is specialised in quarrying of ornamental and building stone, limestone, gypsum, chalk and slate.
The Serb Republic is one of two entities that make up Bosnia and Herzegovina. The other is the Federation.
(1 euro = 1.95583 marka)