Telekom Srbija has paid RSD1.17bn (US$11.4m) to acquire a 55.8% stake in Dunav Banka (Danube Bank) after participating in a capital increase.
The Serbian incumbent subscribed to 3.66 million, or 66.86%, of the 4.83 million newly-issued shares at RSD320…
Telekom Srbija has paid RSD1.17bn (US$11.4m) to acquire a 55.8% stake in Dunav Banka (Danube Bank) after participating in a capital increase.
The Serbian incumbent subscribed to 3.66 million, or 66.86%, of the 4.83 million newly-issued shares at RSD320 (US$3.11) each, the local bank said in a statement.
Insurance firm Dunav Osiguranje bought 1.14 million, or 21.37%, of the new shares, while Geneva, Switzerland-registered Dimedia Group purchased 37,267, or 0.71%, of the offered stock.
Telekom Srbija confirmed last December that it had filed a formal offer for a majority stake in the bank. At the time, it said that if the bid were accepted, it would be required to offer to buy out minority shareholders.
The telco, which Serbian Prime Minister Aleksandar Vucic has said could be privatised in 2015, noted that Dunav Osiguranje would remain an important partner for the bank. It said the transaction would enable it to move into mobile banking services and payments in line with other telecoms operators.
Rival Telenor Serbia acquired the equity of KBC Bank’s Serbian unit last year, granting it a banking licence.
Telekom Srbija was not immediately available for comment.
