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Azmont Investments sells Montenegro's Nova Banka to Adriatic Capital

Author Radomir Ralev
Azmont Investments sells Montenegro's Nova Banka to Adriatic Capital Source: Azmont Investments

PODGORICA (Montenegro), July 17 (SeeNews) – Azmont Investments, a Montenegrin subsidiary of Azerbaijan Global Investments (AGI), has signed an agreement to sell local lender Nova Banka [MNG:AZMO] to Adriatic Capital for 7.1 million euro ($8 million), it said.

Azmont Investments has agreed to sell the entire capital of Nova Banka at a price of 0.0237 euro per share, it said in a filing with the Montenegro Stock Exchange on Tuesday.

Nova Banka's capital is composed of 299,511,761 shares, according to data from the company's financial report for 2018.

The transaction is subject to approval by the pertinent regulation authorities of Montenegro, Azmont Investments said.

Azmont Investments changed the name of the lender to Nova Banka AD Podgorica from Azmont Banka in September 2016. The bank was established in June 2016 with capital of 11.98 million euro.

Adriatic Capital provides consulting, investment and asset management services related to investment opportunities in Montenegro, with a focus on tourism, real estate, energy, and other related industries.

($ = 0.8917 euro)