KMBN pref. ended the day with a 9.33% increase, while regular share increased by 2.92%.

The shares of Komercijalna Banka (pref.) surged yesterday by 9.33% amid NLB’s takeover announcement, while regular share increased by 2.92%.  As a reminder, NLB has published a Takeover Intention Notification in daily newspaper Politika (newspaper that is regularly distributed on entire territory of Serbia). The Takeover Intention Notification regards the acquisition of:

• all remaining regular shares of Komercijalna banka at the point of publishing not in NLB‘s ownership (2,820,270 shares or 16.77% of this class of shares); and
• all priority shares of Komercijalna banka (373,510 or 100% of this class of shares).

Both shares ended the day as the top traded shares with regular share observing a turnover of EUR 80k, while pref. share noted a turnover of EUR 12.4k. At the current share price, Komercijalna banka is traded at a P/B of 0.68x, which is still lower than the price concluded by NLB in February 2020 of 0.77x.