Montenegro's NLB Banka Podgorica cuts capital to 20.2 mln euro

The nominal value of the shares of NLB Banka Podgorica was reduced to 1.7363 euro apiece from 5.564 euro, the Securities Commission said in a statement on Tuesday.

Shareholders with a combined stake of 0.48% in the capital of NLB Banka Podgorica have agreed to sell their 56,000 shares to NLB for 29.1 euro apiece, Montenegrin daily Vijesti quoted sources from the Securities Commission as saying on Wednesday.

In this way, the Slovenian parent bank controls the entire capital of NLB Banka Podgorica, except for a 0.18% shareholding interest in the hands of hotel operator Budvanska Rivijera [MNG:BUDR], aluminium smelter Kombinat Aluminijuma Podgorica (KAP), household appliances manufacturer Elektroindustrija Obod and power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG].

In December 2015, NLB acquired a 1.36% stake in the Montenegrin unit from the European Bank for Reconstruction and Development (EBRD) for 29.1 euro per share.

($ = 0.848973 euro)