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13 March 2018

NLB Nov penziski fond AD Skopje joins Sava Re Group

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 obtained approval from the Macedonian Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and the required approvals from other competition authorities for the acquisition of the company NLB Nov penziski fond AD Skopje. Thereby it satisfied all suspensive conditions set out in the sales contract dated 12 December 2017. 

On 13 March 2018, Sava Re acquired, in the Macedonian stock exchange, 21,200 shares of the target company from NLB d.d. Ljubljana and NLB banka AD Skopje, representing 100% of the share capital of NLB Nov penziski fond AD. 

With this acquisition, Sava Re entered the pension market of the Republic of Macedonia in line with its strategy of expanding its pension insurance operations and strengthening its position in the Western Balkans. 

Sava Re will continue its cooperation with the NLB Group as NLB Banka AD Skopje will continue selling the pension products of this pension company through its banking outlets. 

This announcement will be available on the company’s website at www.sava-re.si, at least five years from the date of this announcement.