Members of the MK Group system bought the stake of Stratex in Hotel Group Budvanska Rivijera this Wednesday at Montenegroberza (Montenegro Stock Exchange).
– Members of the MK Group system bought 12.1% shares of Budvanska Rivijera at Montenegroberza. With this transaction, our total ownership share in HG Budvanska Rivijera amounts to 28.7%, whereby we confirm our previously presented strategic plans on the expansion of the business in Montenegro – MK Group told Pobjeda.
The Belgrade and Budva-based company from the American Stratex Group of Neil Emilfarb sold its stake in Budvanska Rivijera to MK Group for EUR 7.9 million, whereby it exited the largest hotel-tourist company in Montenegro.
The sale took place at Montenegroberza through four transactions, through Hipotekarna Banka and the brokerage house Bull and Bear.
The shares were traded at a price of EUR 6.4, which is a daily price growth of 10%, and they were bought out by two Kostic’s companies, one of which is AIK Bank, which already owns a 15.23% stake of Budvanska Rivijera.
As the Podgorica-based daily writes, MK Group has thereby solidified its ownership of Budvanska Rivijera, with a stake of nearly one third, and become the most serious candidate for the privatization of that company.
Stratex had a 15.23% stake in Budvanska Rivijera. It is the biggest American investor in Montenegro, where it has operated since 2006.
Five hotels operate within Budvanska Rivijera at the moment – Slovenska Plaza, Aleksandar, Palas, Castellastva and Mogren.
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