Insurer Sava Montenegro cuts share capital.

By bne IntelliNews June 22, 2011
Second-largest local insurer Sava Montenegro decreased its share capital to EUR 4mn, the company said in a statement posted on the website of the stock exchange. The announcement fails to provide information regarding the size the capital cut, as it does not provides comparison figures for the amount of capital prior to the decline. The company's capital is divided in 19,402 shares with face value of EUR 207.88, following the capital cut. Slovenian Sava Insurance bought Sava Montenegro for EUR 15mn at end-2007. Sava Montenegro has a market share of 15% as of end-March, according to data from the Insurance Supervision Agency. Lovcen Osiguranje is the market leader, controlling almost half of the market.
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