March 29 (SeeNews) - North Macedonia's diversified company Orka Holding has slightly increased its stake in local flour milling company Zito Polog [MSE:ZPOG] following a takeover offer for the company, the country's securities and exchange commission (SEC) said.
Some four Zito Polog shareholders controlling 0.71% interest among themselves accepted the takeover offer of Orka Holding, SEC said in a statement earlier this week.
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Orka Holding's takeover offer was declared successful because a threshold of success has not been determined, SEC said.
Orka Holding in February launched a takeover offer to buy 27,596 shares in Zito Polog which it did not already own, proposing to pay 2,266 denars ($39.7/36.8 euro) per share. The targeted shares represented a 49.3% stake in the company.
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 = 61.53 denars)