Agromarket to Enact Forced Buyout of Remaining Shares of Galenika Fitofarmacija

The Kragujevac-based company Agromarket, which bought a majority package of shares of Galenika Fitofarmacija, will enact a forced buyout of the remaining 7% approx., and the procedure is to be carried out only two days from the announcement made by the brokerage house Momentum on May 27.

The decision was made last week at an extraordinary session, and the forced buyout pertains to the shares of more than 600 shareholders that own a total of 7.22% of the shares.

The price, as said, will be identical to the price from the recent takeover bid – RSD 2,550 per share.

Agromarket took over the Zemun-based company Galenika Fitofarmacija in late 2019 at the price of RSD 3,050 per share, whereas the final step and the squeeze-out of the remaining minority shareholders is to be carried out at a price lower by RSD 500.

At the price of the forced buyout, Fitofarmacija is worth RSD 6.7 billion, or EUR 57.3 million, and last year, the company had a consolidated profit of RSD 890.9 million, up 30% y-o-y.

The shares of Fitofarmacija were among the first ones to appear on the Belgrade Stock Exchange, after its reopening in 2001.

– This company’s shares were members of the Belex15 index and were among the rare ones to be able to exceed the value reached in the general investment boom of 2007 – Momentum said.

Agromarket d.o.o. Kragujevac

Momentum Securities a.d. Novi Sad

GALENIKA - FITOFARMACIJA a.d. Zemun

Agromarket

Momentum

Galenika fitofarmacija

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stock market

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forced buyout

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