June 19 (SeeNews) - Serbian diversified conglomerate MK Group aims to become a majority shareholder in Montenegrin hotel operator Budvanska rivijera [MNG:BUDR], the general director of MK Mountain Resort, Nikola Avram, said.
"MK Group seeks to become a majority shareholder in Budvanska rivijera," Avram said in a video file posted on the website of Montenegrin public broadcaster RTCG on Monday.
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Currently, MK Group controls a 15.2% stake in the capital of Budvanska rivijera through AIK Banka, according to data from the Montenegro Stock Exchange.
The Serbian group signed a partnership agreement with property developer Stratex on joint investments in Budvanska rivijera in April 2016. Stratex owns a 15.2% stake in the Montenegrin hotel operator.
"We want to raise the level of service in the hotels of Budvanska rivijera to four plus and five stars and, with some of the world's leading brands, we will make a 'hot spot' of Montenegrin tourism in Budva," RTCG quoted Avram as saying.
In March, the Montenegrin privatisation council said it plans to launch tenders for the sale of a 58.7% state-owned stake in Budvanska rivijera following the successful completion of a project for the restructuring of the company.
The Montenegrin government directly controls 41.6% shareholding interest in Budvanska rivijera, while the country's pension and social insurance funds own 12.8% and 4.3%, respectively.