Atlas Bank’s stake in Budva-based Rekreaturs up for auction – Starting price EUR 22.8 million

Atlas Bank’s 99.71% stake in the company Rekreaturs doo Budva is up for sale.

As stated in the advertising documentation, the subject of the sale is a 99.71% stake in the company Rekreaturs doo Budva with all rights and obligations arising from it.

The starting price is EUR 22,800,000.

There is a legal right of pre-emption on the subject of the sale.

The seller is obliged to submit an offer to the holder of the pre-emptive right, upon selection of the most favorable bidder, under the same conditions, with an invitation to declare within 10 days whether they will exercise the right of pre-emption.

In the event that the holder of the pre-emptive right accepts the offer and fulfills the obligations within the given deadline, the Share Purchase Agreement will be signed with the holder of the pre-emptive right, the document adds.

In the event that the holder of the pre-emptive right does not accept the offer, the seller will proceed to sign the Share Purchase Agreement with the highest bidder.

The sale will be conducted through a public oral auction at the premises of Atlas Bank on September 24, starting at 12 PM.

All domestic and foreign legal entities and individuals who pay a deposit for participation in the public auction in the amount of 10% of the starting price for the subject of sale, no later than September 23, by 12 PM, have the right to participate in the public auction.

The bidding step is EUR 300,000 and bidders bid according to the serial numbers under which they are registered.

As further stated, interested parties can submit a request for the purchase of documentation no later than September 18.

More details (in Montenegrin) about the conditions of participation can be found HERE.

Atlas Bank

Rekreaturs

sale of Rekreaturs

sale of stake of Atlas Bank in Rekreaturs