Bosnia's majority state-owned
engineering company Energoinvest, plans to sell through an auction
its 171,800 shares in Sarajevo-based peer Petrolinvest, a bourse filing
indicated on Thursday.
The shares will be offered at a minimum price of
21 marka ($12.2/10.7 euro) apiece at an auction scheduled for June 19, the
bourse filing showed.
Earlier this year, Energoinvest's supervisory board
reached a decision to exit Petrolinvest due to fallout from the situation in
Libya and Iraq, and its inability to collect overdue claims.
In May, the
engineering company was given the green light from the government of Bosnia's
Muslim-Croat Federation to go ahead with the sale.
Energoinvest, which
owns a 52.6% stake in Petrolinvest, plans to use the proceeds from the sale to
settle current liabilities, the government also said at the
time.
According to Petrolinvest's website, it was founded in 1969
byEnergoinvest and France's Technip which is a 33% shareholder in the company.
Petrolinvest, which has overall annual revenues of around 7.5 million euro ($8.6
million), is active mainly in project management, engineering, design and
construction.
Energoinvest has representative offices in Kosovo, Turkey,
Croatia, Ethiopia, Algeria and Libya.
The Federation is one of two
autonomous entities forming Bosnia and Herzegovina. The other one is the Serb
Republic.