Titan on Thursday launched a buyout bid for the remaining 3.65% of Serbia’s Titan Cementara Kosjeric it does not own.
Titan, acting through its Cyprus-registered subsidiary Tithys, aims to buy 130,732 stocks of the Serbian company offering 1873 dinars (US$25) per share, until March 26, Titan said in a filing to Serbia’s Central Securities Depository and Clearing House.
Greek Titan paid US$35.5m for 70% per cent of Serbia’s cement plant Kosjeric in 2001 and took over its US$1.08m. Titan then promised to invest US$29.68m over five-years. Since then it has raised its stake to 96.35%.