State sold stake in Avala Ada - Kappa Star Limited increased stake to 95 percent

A public offering of shares of the cardboard packaging manufacturer Avala Ada was closed last week. During the offering period, Kappa Star Limited, the majority owner of Avala Ada bought additional 42,170 shares, that is, 13.8 percent of the total number of shares, at the price of RSD 1,905 a piece.

The largest number of shares was deposited by the state, that is, the Share Fund, which had a 9.3-percent stake in the company. Together with its partner - Jaffa confectionery industry, the majority owner of Avala Ada now has a stake of over 95 percent in Avala Ada, which makes it possible for Kappa Star Limited to carry out a complete consolidation of the ownership in the future by purchasing shares from other minority shareholders as well. Avala Ada last year registered a business revenue of RSD 2.9 billion, while its net profit amounted to RSD 9.1 million.

With the price of shares of RSD 1,905 a piece, the company's market capitalization amounts to RSD 583.4 million (EUR 5.9 million).