Bosnian insurer Bobar Osiguranje said on Tuesday it has extended until October 29 the validity of a public offer for the sale of 70,000 new ordinary shares via the Banja Luka Stock Exchange.

Bobar Osiguranje said in a bourse filing that Maltese company Argentarius ETI Management LTD has expressed interest in purchasing over 50% of company's capital and added that it has decided to extend the deadline for the share issue by a period of 30 days so that the foreign investor can meet the relevant legal and company procedures for the acquisition.

The insurer said Arhentarius ETI Management LTD has obtained permission for the acquisition from the insurance agency of Bosnia's Serb Republic and has since filed a request with Bobar Osiguranje for the necessary documentation after which it will start its financial and actuarial analysis of the local company.

In July, Bobar Osiguranje announced a public tender for the sale of 70,000 company shares with a par value of 100 marka ($57.6/51.1 euro) apiece.

The subscription deadline was September 29. Read the full story BOSNIA's Bobar Osiguranje, eyed by Maltese co, extends share sale offer