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Montenegro puts Budvanska Rivijera on 2019 privatisation list

Author Radomir Ralev
Montenegro puts Budvanska Rivijera on 2019 privatisation list Author: Budvanska rivijera. Licence: All rights reserved.

PODGORICA (Montenegro), February 8 (SeeNews) – Montenegro's government has put hotel operator Budvanska Rivijera [MNG:BUDR] on its list of majority state-owned companies slated for privatisation in 2019, it said. 

The start of preparations for the launch of an international tender for the sale of the 58.73% stake in the capital of Budvanska Rivijera owned by the state was recommended by Montenegro's privatisation agency last week, the government said in a statement on Thursday.

Serbian diversified conglomerate MK Group aims to become a majority shareholder in Budvanska Rivijera, the general director of MK Mountain Resort, Nikola Avram, said in June. Currently, MK Group controls 15.2% interest in Budvanska Rivijera through AIK Banka, according to data from the Montenegro Stock Exchange.

In March 2018, the privatisation agency said it plans to sell the state-owned stake in Budvanska Rivijera following the successful completion of the restructuring of the company.

The Montenegrin government directly controls 41.6% shareholding interest in Budvanska rivijera, while the country's pension and social insurance funds own 12.8% and 4.3%, respectively.