PODGORICA (Montenegro), January 27 (SeeNews) – Montenegrin tobacco company Novi Duvanski Kombinat said it has cut its capital to 6.8 million euro ($7.4 million) by canceling 866,247 shares.
The company's capital now comprises 6,803,364 shares with par value of 1 euro apiece, Novi Duvanski Kombinat said in a filing with the Montenegrin bourse.
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In November, the country's privatisation council said that United Arab Emirate-based cigarette maker BMJ Industries FZ-LLC has placed the sole bid in a tender for the Montenegrin tobacco company, offering to recapitalise it with 20 million euro.
The tender, which expired on November 16, covered the sale of 100% of Novi Duvanski Kombinat, or for its recapitalisation without the purchase of company shares.
BMJ Industries FZ-LLC will invest 18 million euro in fixed assets and 2 million euro in working capital, the privatisation council said in a statement at the time.
The Montenegrin government owns 69.92% of Novi Duvanski Kombinat and the city of Podgorica owns the remainder.
Novi Duvanski Kombinat was set up by the government in November 2011.
($=0.92 euro)