Belex raises again, Amasis to consolidate ownership in Alfa Plam

The light growth of the domestic stock market continued last week, marked by the announcement of the consolidation of ownership in Alfa Plam (ALFA). Total turnover on the market was RSD 1.77bn (EUR 15.1m), while the index of most liquid shares, Belex15, rose 0.4% to 850.8 points.

The Vranje-based company, Alfa Plam, was by far the most traded stock with a turnover of RSD 355.6m after 13.1% of the outstanding shares changed hands in only several transactions. After this trade, the majority owner of the company, Amasis, announced the intention to acquire the remaining shares held by minorities. In its published statement, Amasis outlines a plan to purchase the remaining 11.6% of shares, while the takeover bid price almost certainly will be RSD 18,700 – the price at which Amasis raised its stake.

Shares in Dunav Osiguranje (DNOS) rose 1.1% to RSD 1,338 despite its disappointing results released last week. The total turnover of the stock was RSD 16.8m. Aerodrom “Nikola Tesla” (AERO) retained a price of RSD 1,500 with a shares turnover of RSD 5.5m. Belgrade Airport, whose concession is monitored by Aerodrom “Nikola Tesla,” served more than 700,000 passengers during July, which is only 3% below its 2019 record level.

The Petroleum Industry of Serbi (NIIS) continued the positive trend of high demand but also weak turnover due to a lack of sellers on the ask side. The stock recorded an RSD 3.9m in trading value in a narrow price range of RSD 620-630. Preferred shares in Philip Morris (DINNPB) have reestablished a psychological limit of RSD 7,000 with a small turnover of RSD 0.9m. The company will release H1 financial results this week that will show whether the multi-year trend of growing revenue and profit has continued.

WEEKLY REPORT, August 22-26, 2022