Comsar Energy Group to launch buyout bid at Bosnias Novi Grad.

By bne IntelliNews April 26, 2012
Comsar Energy Group has received an approval to launch a buyout bid for the remaining 4.9% in Bosnian hotel operator Novi Grad it does not own, the securities commission said in a Banja Luka bourse filing. Comsar Energy should publish the bid within seven days after being issued the approval on April 20. The bidder will pay BAM 0.45 (EUR 0.23) per share and has already deposited BAM 38,829 at UniCredit Bank Banja Luka for the purpose. Comsars current 95.1% stake in Novi Grad is divided into 1,678,411 shares of par value BAM 1 each. Novi Grad is based in the northeastern town of Ugljevik, in Bosnias Serb Republic. Last year, Russian-owned Comsar Energy agreed to set up a 90/10 joint venture the Republics state-owned coal mining and energy complex RiTE Ugljevik for a EUR 400mn thermal power project. The project should add new capacity to RiTE Ugljevik, which now operates one unit of 300 MW.

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