Government of Vojvodina to take over 61% of stocks of Metals Banka

Vojvodina and its Government should become the owners of 61% of stocks of Metals Banka. Future strategic partnership between Metals Banka and the Executive Council of AP Vojvodina was confirmed at the 35th regular meeting of the Assembly of the bank's stockholders whose "attention was especially drawn by the letter of intent sent by the Executive Council of AP Vojvodina", based on which the stockholders made the decision about issuing of common stocks from the 25th issue without public offer.

According to the decision made by 75% of present stockholders, Metals Banka will issue the stocks from the 25th issue in total amount of 3,784,550,000 RSD, that is, 688,100 common stocks whose individual nominal value amounts to 5,500 RSD.

The buyers of stocks are: Autonomous Province of Vojvodina, the Executive Council of AP Vojvodina, which intends to buy 636,000 stocks (which is about 61% of total number of the bank's stocks), and DDOR Novi Sad, which plans to buy 52,100 stocks. By the way, the stocks are to be paid in cash. The funds collected in that way will be used to increase the basic capital of the bank and to help the bank become fully liquid and solvent, as well as to strengthen competitive position in the market.