Financial group Atlas raises stakes in Montenegroberza.

By bne IntelliNews January 5, 2010
The domestic financial group Atlas increased further its stake in Montenegroberza, the group informed in a statement. The major shareholder in the stock exchange has acquired some 286 shares from minority shareholders, which accepted the recent buy-out offer. It now owns 889 shares, representing 70.1% of the share capital. The deals were accomplished at the offered price of EUR 491.4 per share, which was well above the face value of EUR 190. We remind that in November Atlas obtained majority control in both stock exchanges operating in the country. It is expected that Atlas will merge the two stock exchanges, something which was attempted several times in the last couple of years. The size of the local capital market does not allow for its segmentation and profitable operations of several stock exchanges. The market capitalisation of the two stock exchanges totalled EUR 4.8bn at the end of November, representing 155.3% of the GDP projection. The combined turnover of the bourses was reported at EUR 375mn in Jan-Nov, with more than half of it formed by the deals with utility EPCG (acquisition of the state-owned stake and minority shareholders buy-out by the Italian A2A).

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