March 6 (SeeNews) - Serbian cookware manufacturer Metalac [BEL:MTLC] said it is launching a bid to squeeze out the minority shareholders of local retailer Metalac-Proleter [BEL:PRGM].
As part of the move, approved by the shareholders on February 26, Metalac will acquire the remaining 1,436 Metalac-Proleter shares it does not already own at a price of 5,109 dinars ($47/44 euro) apiece, Metalac-Proleter said in a bourse filing on Tuesday.
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Metalac holds some 92% of Metalac-Proleter. Metalac-Proleter itself has a 6.9% stake, while the remainder belongs to smaller shareholders, data from Serbia's central securities registry showed on March 6.
In December, Metalac raised its stake in the subsidiary to its current level from some 65%, following a buyout bid in which it acquired 45,596 shares at 5,109 dinars each.
Metalac-Proleter has 128,632 listed shares of 600 dinars in par value each. They have not traded on the Belgrade bourse in the past year.
Metalac's shares last traded on March 4, closing flat at 1,600 dinars.
(1 euro = 117.192 dinars)