February 9 (SeeNews) - North Macedonia's Securities and Exchange Commission (SEC) said on Friday it has granted approval to local diversified company Orka Holding to launch a takeover offer for local flour milling company Zito Polog [MSE:ZPOG].
Orka Holding will offer 2,266 denars ($36.9/36.8 euro) per share in the offer, targeting 27,596 shares it does not already own in Zito Polog, the SEC said in a notice.
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The targeted shares represent a 49.3% stake in the company. Zito Polog's share capital is divided into 55,997 shares with a par value of 51.13 euro each.
Zito Polog shares last traded at an average price of 2,266 denars on the stock exchange in Skopje on June 6.
Skopje-based Orka Holding was established in 1990. The group has over 20 companies with more than 1,800 employees.
(1 euro = 61.63 denars)