CEEM raises stake in Bosnian TCK

CEEM raises stake in Bosnian TCK
Published: 07 February 2006

The Netherlands-based asset manager Central & Eastern European Markets Asset Management AG (CEEM) has increased its stake in Bosnian cement producer Tvornica Cementa Kakanj (TCK), majority owned by German cement producer HeidelbergCement AG, to 12.002 per cent, it was reported on February 6, 2006. 
CEEM purchased 1,137,396 shares in TCK at the average price of 13.1 Bosnian marka ($8.02/6.7 euro) per share in the previous three months. HeidelbergCement AG owns some 82 per cent in TCK. TCK reported a net profit of 3.675 mln marka ($2.25m) in the first half of 2005, a fall of 27 per cent year-on-year.