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PODGORICA (Montenegro), September 13 (SeeNews) - Montenegrin tobacco group Novi Duvanski Kombinat [MNG:NDKP] has completed a 4.6 million euro ($5.1 million) capital hike to transform debt into equity, it said.
The company issued 4,590,164 shares with a nominal value of 1.0 euro apiece, Novi Duvanski Kombinat said in a filing with the Montenegro Stock Exchange on Thursday.
After the completion of the transaction, the total capital of the company amounts to 23.276 million euro, the total number of shares is 23,276,909, Novi Duvanski Kombinat said.
In February 2016, the Montenegrin government signed a contract for the sale of Novi Duvanski Kombinat to United Arab Emirates-based cigarettes maker BMJ Industries FZ. Under the terms of the deal, the investor will put in a total of 20 million euro to recapitalise the Montenegrin company, with the bulk of the resources to be invested in the construction of a new factory.
($ = 0.903047 euro)