BELGRADE (Serbia), May 13 (SeeNews) – Serbian diversified conglomerate MK Group said it has increased its shareholding interest in Montenegrin hotel operator Budvanska Rivijera [MNG:BUDR] to 28.7% by purchasing 12.1% of the company’s shares.
With the transaction, carried out on May 12, MK Group confirms its previously unveiled strategic plans for expanding its business in Montenegro, the group said in a statement on Wednesday.
No financial details were disclosed.
According to data from the Montenegro Stock Exchange, a total of 1,242,766 of Budvanska Rivijera shares changed hands in nine transactions on Wednesday, generating a turnover of 7.965 million euro ($9.616 million).
Before the transaction, Montenegro’s government was the largest shareholder in Budvanska Rivijera with a 41.6% stake, followed by MK Group-owned AIK Banka with 15.2%. Montenegro’s state-owned pension insurance fund held a 12.8% stake in the company.
MK Group aims to become a majority shareholder in Budvanska Rivijera, MK Mountain Resort director general, Nikola Avram, said in 2018. “We want to raise the level of service in the hotels of Budvanska Rivijera to four-plus and five stars and, with some of the world’s leading brands, we will make a ‘hot spot’ of Montenegrin tourism in Budva,” Avram said back then.
($ = 0.828797 euro)
