Kappa Star meets condition for compulsory acquisition of remaining shares in Jaffa

Cyprus-based Kappa Star Limited, which runs Jaffa confectioner from Crvenka, has increased its stake in this company to 90.6%, the Central Securities Registry announced.

After a successfull takeover bid, pursuant to current legislation, a majority owner whose stake exceeds the limit of 90% can proceed to the compulsory acquisition of remaining shares and become the only shareholder.

Kappa Star has acquired 10.9% of shares in Jaffa at the price of RSD 10,750 per share, thus increasing its majority stake in the company to 90.6%.

With the offered share price of RSD 10,750, Jaffa's market capitalization amounts to RSD 1.26 billion (EUR 11.3 million).

Jaffa reported a business revenue of RSD 2.2 billion last year, down by 11.4% from 2010, whereas the net profit amounted to RSD 28.7 million, which is 3.4 times more than one year earlier.