April 2 (SeeNews) - No investors have subscribed for any of the 88,710 new ordinary shares of Montenegro's troubled Atlas Banka [MNG:ATBA] under the public call for recapitalisation of the lender, the bank's interim administrator said.
The deadline for subscription of shares of 248 euro in par value apiece has expired on March 29, the interim administrator, Tanja Terić, said in a statement on Monday.
On March 11, the interim administrator launched a public call for a 22 million euro ($24.6 million) recapitalisation, inviting investors who are not existing shareholders of Atlas Banka to subscribe for shares from the new issue.
In January, the interim administrator of Atlas Banka invited shareholders with pre-emption rights to subscribe for 88,710 ordinary shares with a par value of 248 euro each until February 25 to rescue the bank and allow its normal operation. However, the offer drew no bids from existing shareholders.
Montenegro's central bank placed Atlas Banka and Invest Banka [MNG:IBMN] under its temporary administration in December due to their poor financial condition, after an audit showed that the capital of the two lenders did not meet the minimum risk requirements.
In January, the central bank said it has decided to revoke the banking licence of Invest Banka and launch bankruptcy proceedings against it, after the interim administrator found that the bank's financial position is negative, its solvency ratio is below one-quarter of the prescribed level and its liabilities exceed its assets.
($ = 0.892814 euro)