Visit-Montenegro.com: "This is ridiculous "
One more company that manages attractive locations established in Budva, opposition embittered: Pursuant to the decision of the local Parliament, the company “Adriatic Holding”, the branch of the company “Budva Holding”, was established yesterday in Budva. “Adriatic Holding” will offer its shares on international stock exchanges in order to find a strategic partner for several attractive lots
Budva: Pursuant to the decision of the local Parliament, the company “Adriatic Holding”, the branch of the company “Budva Holding”, was established yesterday in Budva. “Adriatic Holding” will offer its shares on one of prestigious international stock exchanges in order to find a strategic partner for several attractive lots for which the company is in charge of.
By votes of parliament members of the ruling coalition Democratic Party of Socialists (DPS) and Social Democratic Party (SDP), the capital of EUR 63 million was transferred to the company – which is the market price for lots which were ceded to the company.
For this amount, the capital of the company “Budva Holding”, which used to be one of the most powerful companies in Montenegro, has been reduced. Before this transaction, the capital of the company was EUR 249 million.
While rejecting accusations made by the opposition, the Deputy Mayor and Executive Manager of “Budva Holding”, Lazar Radjenovic, said that the municipal property is protected by this company, and that the company was established in order to find the best possible partners who would develop these complexes.
Stevan Dzakovic, from the party Movement for Changes (PzP), says that he doesn’t understand the difference between “Budva Holding” and “Adriatic Holding” adding that he wouldn’t be surprised that the municipality would lose the property in this way.
“It is not clear why the company’s capital is reduced for the exact amount the municipality is indebted. The result will be that the municipality will lose the property since the shares will be bought, and we all know how the stock exchange works. We won’t even know who the real owner is. In my opinion, the municipality does nothing to prevent devastation of its property, not to mention its development. It is said that the municipality established “Budva Holding” to prevent its property to be sold out. It is ridiculous. This means that the municipality established this company to protect it from itself” – Dzakovic said.
By V.L.