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Provider: Reuters Investment Profile
Provider: Alta Invest
Provider: Alta Invest
Provider: Alta Invest

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NOVA KBM dd Updates on Offers for Purchase of Its 51% Stake in Zavarovalnica Maribor Made by Pozavarovalnica Sava dd

Thursday, 8 Nov 2012 03:17am EST 

NOVA KBM dd announced that as part of the process of selling its 51% stake in Zavarovalnica Maribor, Nova KBM dd has received several bids from potential buyers that have conducted a due diligence review of the insurance company, including a binding offer from Pozavarovalnica Sava dd (Sava Re) and, once again, a non-binding offer from KD Group d.d. Both of these institutions have publicly announced their intention to bid for Zavarovalnica Maribor. The Bank will carefully examine the offers and will, on the basis of appropriate criteria, make a decision with whom to continue negotiations for the sale of its 51% stake in Zavarovalnica Maribor. The sale of its stake in Zavarovalnica Maribor is one of the projects Nova KBM dd has undertaken with the aim of improving its capital position. Activities related to a potential redemption of subordinated instruments and capital raising are also under way. The decision with respect to the share capital increase shall be reached by the Shareholders’ Meeting, which is expected to take place by the end of the year. 

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18 Sep 2014