Fondul Proprietatea released a statement in which the Management announced their intention to repurchase up to 150m own shares (both in the form of shares and GDRs) through a tender offer, in relation to the tenth buy-back program.
Meanwhile, note that Fondul’s buy-back was halted since June 14th and would resume after the offer ends.
It is expected that full details of the tender offer, including pricing, to be announced if and when the tender offer is implemented and approval is received from the FSA, which is expected to occur within 10 business days according to the regulations in force.
Energoprojekt Holding offers RSD 13,461 per share for remaining stake in EP Entel.
After being rejected for several times, the Serbia’s Securities and Exchange Commission finally approved Energoprojekt Holding’s takeover bid to acquire the remaining share in EP Entel.
According to the bid posted on the Belgrade Stock Exchange, Energoprojekt intends to take over a 13.7% share of Entel at RSD 13,461 per share. The offer is valid until July 15th.
Note that Energoprojekt Holding was required to submit the takeover offer because they were taken over by their rival Napred back in July 2017. As a result, the company had to submit a takeover bid for all of their dependent companies.