Sunoko makes takeover bid for AIK banka

Miodrag Kostic's Sunoko launched a takeover bid on Monday for the remaining 62.09 percent stake in Nis-based AIK banka at a share price of RSD 1.635.

This bid for 5.6 million shares in AIK banka will be open between February 4 and 24, it is said in the offer published on the website of the Central Securities Register (www.crhov.rs)

AIK banka's shareholders are offered to sell their shares at the same share price at which the sugar manufacturer Sunoko acquired a major portion of its ownership stake in the Nis-based bank in January.

The biggest individual shareholder of AIK banka with a stake of 20.35 percent is the Agricultural Bank od Greece.

Together with associated companies MK Group, M&V investments and Agroglobe, Sunoko holds 3,429,049 shares or 37.91% stake in AIK banka. In order to acquire all remaining shares of AIK banka, Sunoko is to set aside about RSD 9.2 billion.

With the share price of RSD 1.635, the market cap of AIK banka is at RSD 14.8 billion (EUR 127.6 million).

Chairman of the AIK banka Managing Board is Miodrag Kostic, whereas its Executive Board is chaired by Vladimir Cupic.

AIK banka's profit in 2012 totaled RSD 3.64 billion, while its profit before taxation in the first nine months of 2013 was at RSD 1.5 billion.