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The reinsurer will use EUR 50m of the capital raised to complete the acquisition of Zavarovalnica Maribor, Slovenia's third largest insurer, and the remaining EUR 5m to secure capital adequacy.

The recapitalisation, which on 23 May, offered a total of 7,857,143 new shares at EUR 7 apiece. It attracted many investors both domestic and foreign, the company said in the press release.

By the end of May, binding bids worth EUR 52m were submitted by 15 potential investors, among them the European Bank for Reconstruction and Development (EBRD).

The bank has already confirmed that it will enter the ownership of Pozavarovalnica Sava.

Pozavarovalnica Sava bought a 51% stake in Zavarovalnica Maribor together with the state-run SOD fund last year for EUR 65m from NKBM bank.

In late April, the resinsurer published a takeover bid at EUR 10.24 a share. It has been agreed that SOD will also sell its stake in the insurance company, which is slightly higher than 33%, to Pozavarovalnica Sava.