Montenegro to become majority owner of Pljevaljska banka

Montenegrin Government will become majority owner of Pljevaljska banka on the basis of debts of Coal Mine, which owns 57% of the banking capital. The Government accepted the offer of Coal Mine to exchange the debts for stocks of Pljevaljska Banka. Coal Mine intends to enter the forthcoming privatization process without any debts.

The Mine offered stocks of Pljevaljska and Nikšićka Banka, Lovćen Insurance Company and Corporation ”Jakić” to the Government in exchange for debt of €3.1m. The second part of the debt of €3.7m is exchanged for stocks of Sports Center ”Ada” and, in that way, the Coal Mine paid all its debts.

The Coal Mine owns about 57% of stocks of Pljevaljska banka and about 52% of stocks of Sports Hall. ”Pljevaljska banka will be soon privatized because the State does not have intention of keeping the stocks”, director Žarko Dragašević announced. Majority package of 57.43% of the capital worth about €3m, of which owner is Coal Mine, will soon be taken over by Montenegrin Government on the basis of the settlement of former debts.

Total capital of Pljevaljska banka amounts to €5.92m. Last year it realized profit of over €100,000.