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Montenegro's Lovcen Banka completes 1 mln euro cap hike

Author Radomir Ralev
Montenegro's Lovcen Banka completes 1 mln euro cap hike Source: Lovcen Banka

PODGORICA (Montenegro), June 13 (SeeNews) - Montenegrin lender Lovcen Banka [MNG:MFIK] has said it completed a 1 million euro ($1.1 million) capital hike, subscribed by shareholders with pre-emption rights.

The bank issued 2,000 shares with a nominal value of 500 euro apiece, Lovcen Banka said in a filing with the Montenegro Stock Exchange on Wednesday.

After the completion of the transaction, the total capital of the lender amounts to 18.2 million euro, the total number of shares is 36,400 and the nominal value per share is 500 euro, Lovcen Banka said.

German investment corporation Deutsche investitions und entwicklungsgesellschaft (DEG) holds a 27.9% stake in the capital of Lovcen Banka, Montenegrin company Zetagradnja owns a 23.7% shareholding interest, while the remainder is owned by smaller shareholders, according to data from the Montenegro Stock Exchange.

Lovcen Banka, cleared to start operations by the country's central bank in May 2014, emerged from Podgorica-based micro-credit institution MFI Kontakt, which had applied to be transformed into a bank and renamed.

($ = 0.885722 euro)