Malta-registered financial services provider KBC Euro Credit Capital was the buyer of a 19.25% state-owned stake in Bosnian blue-chip drug producer Bosnalijek at an extraordinary auction on the Sarajevo Stock Exchange earlier this month, data from the Bosnian Federation’s securities registry showed on October 11.

On October 6, an unknown investor - now revealed to be KBC Euro Credit Capital - bought the stake previously owned by the Federation’s government for BAM23.38mn (€11.95mn), offering the highest price of BAM15.51 per share. 

According to the website of the Federation’s securities registry, the Maltese company is the second-largest stakeholder in Bosnalijek following the deal that has now been completed.

Luxemburg-based firm Haden SA remained the largest single shareholder in Bosnalijek with a 29.95% stake at end-June 2015. The third biggest owner is Tripoli-based Economic and Social Development Fund with 8.78%. Haden first entered Bosnalijek in September 2012 when it bought the 8.37% stake of the World Bank’s IFC.

In 2010, US pharmaceutical company Alvogen wanted to buy the stake and was also interested in acquiring stakes held by other shareholders. However, no agreement was reached as the government decided to postpone the launch of a new tender after new potential buyers from Libya, the UAE, Poland, Germany, Slovenia and Croatia reportedly appeared.

KBC Euro Credit Capital was set up in 2015 and provides a range of financial services, according to the company’s website.