PODGORICA (Montenegro), August 21 (SeeNews) - Newly-registered firm Sveti Stefan Hoteli, which was set up following the recent restructuring of Montenegrin hotel operator Budvanska Rivijera [MNG:BUDR], has listed its shares on the Montenegro Stock Exchange, the bourse said.
The share capital of Budva-based Sveti Stefan Hoteli totals 25.9 million euro ($28.7 million) and is divided into 8,110,763 shares with a nominal value of 3.19 euro each, the Montenegro Stock Exchange said in a brief note on its website last week.
The shares have a ticker symbol SSHO. They closed unchanged at 3.0 euro in a volume of 5,040 on their second trading day on Tuesday, after ending also flat on their debut trading session on Monday when a total of 100 shares changed hands.
The bourse announced in a separate note that Budvanska Rivijera has cut its capital to 55 million euro from 80.9 million euro following the spinoff of Sveti Stefan Hoteli.
Budvanska Rivijera shares traded up 0.5% at 6.0 euro at 1030 CET on Wednesday after advancing 1.15% to 5.968 euro in a volume of 3,927 on Tuesday.
Budvanska Rivijera's shareholders approved at an extraordinary meeting in June the decision for the spinoff, with Budvanska transferring its hotels Sveti Stefan and Milocer to newly-established Sveti Stefan Hoteli.
At present, the ownership structure of Budvanska Rivijera and Sveti Stefan Hoteli is identical, as the government controls 41.6% of each of the two firms, followed by Serbia's AIK Banka with 15.2% and the state pension and disabled persons insurance fund with 12.8%. The remainder belongs to smaller shareholders.
The restructuring was carried out ahead of Budvanska Rivijera's planned privatisation. The government is planning to launch the sale of its stake in Budvanska at the end of 2019, and intends to keep its holdings in Sveti Stefan Hoteli.
Montenegrin firm Adriatic Properties, owned by Greek businessman Petros Stathis, has been operating the Sveti Stefan island resort, Villa Milocer as well as Villa Marija and Queens Beach Hotel since 2006 under a leasehold agreement with the Montenegrin government.
The properties have been operated under the brand Aman Resorts since 2010.
Sveti Stefan island was a fishermen's village in the 15th century and turned into the most exclusive resort on Montenegro's coast in the second half of the last century, visited by celebrities like Merilyn Monroe, Bobby Fischer, Sofia Loren and Claudia Schiffer.