The majority owner of Alfa Plam (ALFA), Amasis, has completed a public takeover bid, the company announced through the Belgrade Stock Exchange.
Amasis purchased an additional 6.7% of the total number of outstanding shares at RSD 20,892 per share, which was the weighted average price in the last six months.
Amasis raised its stake to 95.1%, which will allow it to squeeze out the remaining minority shareholders.
Alfa’s minority shareholders have pointed out for years that the majority owner is manipulating the stock price by trading with related parties. Also, the company purchased and then canceled its treasury shares several times, and the majority owner cut the dividend. Overall, these actions accelerated the ownership consolidation process.
Shares in Alfa Plam reached the highest level at RSD 41,900 in February 2007, while an all-time low was recorded in 2002 at RSD 4,417.
Source: Belex, Momentum