After Alta Pay Group, the majority owner of ALTA Bank, crossed the threshold of 90% of the shares in this banking institution through a takeover bid, the company announced the squeeze-out procedure from the remaining shareholders.
In the next two days, 24,812 shares (9.8% of the total) in the bank will be subject to forced redemption at RSD 3,759, at the same price the takeover bid had executed in May.
The squeeze-out price is two times smaller than the price at which the state sold the controlling package of shares in May 2019.
After the forced buyout, ALTA Bank will be the last Serbian bank to leave the Belgrade Stock Exchange after consolidation of ownership.
About 15 years ago, domestic banks dominated the market, accounting for more than 60% of the benchmark index basket. Many of them then went bankrupt and were at the center of the stock market crisis from which the domestic stock market never recovered.
Source: Belex, Momentum
