Calcinatio takes over remaining 12.05 percent of shares in Jelen Do

After the announcement that Croatia's Nexe Grupa sold its 87.95-percent stake in the Jelen Do company in Serbia to Dutch investor Carmeuse, it has been announced that there will be another change in the ownership structure of this construction company that is part of Nexe Grupa from Nasice.

A takeover bid for the remaining 12.05 percent stake or 12,926 shares in Jelen Do was officially submitted on Monday by the Calcinatio company headquartered in Nasice, Croatia. This bid will be open from August 26th to September 16th, and the price offered to shareholders is RSD 10,000 per share.

The bid also reads that the bidder acquired 94,381 shares in Jelen Do on 19 February 2013 at a price of RSD 5,268.60, as well as that Belgrade-based Carmeuse Dunavsava has taken over 100-percent of the bidder Caltinatio, thus indirectly acquiring aforementioned shares and participating in a compulsory takeover bid for Jelen Do shares.

It is also announced that the accounting value of the company amounted to RSD 5,286.08 on 31 December 2012, whereas the estimated share value is at RSD 4,471.10 (estimates done by Belgrade-based KPMG). Shareholders are offered a pondered share price of RSD 10,000, which is determined on the basis of a trade report for the last three months.

Caltinatio also announced that it intended to modernize Jelen Do's operations, maintain the core business of the company, implement a strategic plan for production development, and increase the market share of the target company.

Last year, Jelen Do reported a business revenue of RSD 957.3 million (down by 14.4 percent) and a RSD 243.1 million loss.