MK Group Purchases Shares of Stratex in Budvanska Rivijera and Increases Ownership by Nearly One Third

Members of the MK Group system bought the stake of Stratex in Hotel Group Budvanska Rivijera this Wednesday at Montenegroberza (Montenegro Stock Exchange).

– Members of the MK Group system bought 12.1% shares of Budvanska Rivijera at Montenegroberza. With this transaction, our total ownership share in HG Budvanska Rivijera amounts to 28.7%, whereby we confirm our previously presented strategic plans on the expansion of the business in Montenegro – MK Group told Pobjeda.

The Belgrade and Budva-based company from the American Stratex Group of Neil Emilfarb sold its stake in Budvanska Rivijera to MK Group for EUR 7.9 million, whereby it exited the largest hotel-tourist company in Montenegro.

The sale took place at Montenegroberza through four transactions, through Hipotekarna Banka and the brokerage house Bull and Bear.

The shares were traded at a price of EUR 6.4, which is a daily price growth of 10%, and they were bought out by two Kostic’s companies, one of which is AIK Bank, which already owns a 15.23% stake of Budvanska Rivijera.

As the Podgorica-based daily writes, MK Group has thereby solidified its ownership of Budvanska Rivijera, with a stake of nearly one third, and become the most serious candidate for the privatization of that company.

Stratex had a 15.23% stake in Budvanska Rivijera. It is the biggest American investor in Montenegro, where it has operated since 2006.

Five hotels operate within Budvanska Rivijera at the moment – Slovenska Plaza, Aleksandar, Palas, Castellastva and Mogren.

MK Group

Montenegroberza

Budvanska rivijera

Stratex

shares of Budvanska rivijera

Budvanska rivijera ownership