Pozavarovalnica Sava dd : Sava Re to Sign Acquisition Deal for 100 % of NLB Nov penziski fond AD Skopje
December 12, 2017 at 03:14 am EST
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Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and the Market in Financial Instruments Act, Sava Re, d.d., Dunajska 56, Ljubljana hereby announces the following:
Sava Re is to sign a purchase contract with NLB d.d. Ljubljana and NLB Banka AD Skopje to acquire all shares of NLB Nov penziski fond AD Skopje. The signing of the purchase contract concludes the sales procedure started by NLB d.d. Ljubljana and NLB Banka AD Skopje on 17 March of this year. The ownership of the target company shares will be transferred to the acquirer after all suspensive conditions (regulatory approval) have been satisfied.
The companies of the NLB Group and the Sava Re Group have been cooperating successfully in the Macedonian market for a number of years and will continue to do so as NLB Banka AD Skopje will keep on marketing pension products of the pension fund through its banking network. By acquiring all the shares of NLB Nov penziski fond AD, Sava Re, d.d. will also enter the pensions market of the Republic of Macedonia, thereby achieving its strategic objectives and consolidating its position as a major insurance group in the Western Balkans.
Pozavarovalnica Sava d.d. published this content on 12 December 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 December 2017 08:13:02 UTC.
Original documenthttp://www.sava-re.si/en/media-centre/news/1634/sava-re-to-sign-acquisition-deal-for-100-of-nlb-nov-penziski-fond-ad-skopje/
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Pozavarovalnica Sava dd (or Sava Reinsurance Plc), also known as Sava Re dd, is a Slovenia-based reinsurance undertaking. It operates as a parent company of Sava Re Group, which comprises direct insurance and pension undertakings. The Companyâs activities are divided into four segments: Reinsurance operations, Non-life insurance operations, Life insurance operations and Other business segment. The Reinsurance operations segment comprises treaty and facultative arrangements for intra-group clients and insurance and reinsurance partners worldwide. The Non-life insurance operations segment supports local markets with non-life insurance products and customer oriented services. The Life insurance operations segment is focused on life protection and saving products, including pension schemes. The Other business segment comprises operations of the Companyâs non-insurance subsidiaries. Sava Re Group operates through subsidiaries in Slovenia, Croatia, Serbia, Macedonia, Montenegro and Kosovo.