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Pozavarovalnica Sava buys majority stake in Serbian insurer

Pozavarovalnica Sava dd on March 9 announced the acquisition of a majority stake in Serbian insurer Energoprojekt Garant a.d.o. from Energoprojekt Holding a.d.

The Slovenian insurer said it agreed to acquire a 92.94% holding in Energoprojekt Garant in November 2017, and has received all required regulatory approvals, with the Serbian central bank issuing its consent March 2. Sava purchased the stake, equivalent to 146,155 shares, March 9 on the Belgrade Stock Exchange, and will become the formal owner of the shares as soon as they are transferred to its account with the local securities clearing company.

Financial details were not disclosed.

Sava said it plans to purchase the remaining shares of Energoprojekt Garant and will merge the insurer with its other Serbian unit, SAVA NEŽIVOTNO OSIGURANJE AKCIONARSKO DRUŠTVO ZA OSIGURANJE BEOGRAD after which it will optimize the capital structure of the merged subsidiary.

The purchase of the Serbian insurer is in line with Sava's strategy to strengthen its position in markets where it is present. Energoprojekt Garant is a small company specializing in construction and liability insurance.