September 21 (SeeNews) - Montenegro's government said it will subscribe four million shares of Lustica Development, its joint venture with Swiss-based Orascom Development Holding.
The share subscription will represent a fixed additional lease payment for the period between 2015 and 2018, the government said in a statement on Thursday.
The nominal value of the shares will stand at 1 euro ($1.18) apiece, the government said.
Lustica Development is developing the Lustica Bay project which will feature more than 1,000 apartments, some 500 villas and townhouses, seven hotels, two marinas, an 18-hole golf course and a range of public facilities including a school and medical facility. Works on the development of the project began in 2013 and the entire project is due to be fully operational by 2038.
In October 2017, Lustica Development issued 293,783 shares with a nominal value of 1 euro apiece, lifting its capital to 11,318,783 euro.
($ = 0.848345 euro)