Bosnias Elektro Grupa issues EUR 511,300 bond to fund hydropower project.

By bne IntelliNews September 12, 2012
Bosnias Elektro Grupa has offered investors on the Sarajevo bourse to subscribe for its BAM 1mn (EUR 511,300) bond, which is aimed at financing the construction of a small hydropower plant. Elektro Grupa, which is currently engaged in hydropower projects, said in a bourse filing it has received a 30-year concession to design, build and operate the Voljevac mini plant in central Bosnia. The company is issuing 100,000 securities at a par value BAM 10 each. The two-year bonds have a fixed annual interest of 7%, payable once a year. They have the option to convert into ordinary shares once their maturity expires. Investors could subscribe for the bonds until September 18. This is Elektro Grupas maiden bond issue. The company plans to focus its future activities on electricity production and trade. According to the Sarajevo bourse website, UniCredit Bank Mostar holds 54.12% of Elektro Grupa, followed by Croatian firm Benson Holdings with 23.2% and the Bosnian arm of Raiffeisen Bank with 15.6%. The remainder belongs to smaller shareholders.
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