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Serbia’s BELEX15 Reaches 18-Year High as Thin Trading Highlights Market Liquidity Constraints

Partial listings could increase the number of tradable shares without necessarily requiring the state to relinquish control. Retaining a majority stake while floating a meaningful minority holding could substantially expand free float. A 20–30% free float, supported by professional governance, regular reporting and sufficient institutional participation, would have a different market impact from a nominal listing involving only 5% of a company. Larger listings could broaden foreign investor participation, strengthen domestic asset management and increase retail involvement. Additional companies could…