The majority owner of ALTA Bank (JMBN), Alta Pay Group, announced a takeover bid to ALTA bank, the Central Securities Depository announced.

Alta Pay intends to take over the remaining 15.8% of shares in ALTA Bank at RSD 3,750 per share. The public offer will be open till December 19.

According to domestic regulations, if Alta Pay exceeds the 90% threshold, it will be entitled to squeeze out the remaining shareholders.

In September of last year, through a takeover offer at RSD 4,351 per share, Alta Pay reached a stake of 76.1%, and later by purchasing shares on the Belgrade Stock Exchange, it seized the current stake.

Initially, Alta Pay took over ALTA Bank (formerly JUBMES Bank) in May 2019 when it bought a controlling stake of 28.5% from the state at RSD 7,207 per share.

ALTA bank shares trade at RSD 3,700 currently, which gives the bank a market capitalization of RSD 1.07bn (EUR 9.1m).

Source: Belex, Momentum