Majority shareholders of HG Budva Riviera decided to set up a joint-stock company Sveti Stefan.
In the 11th extraordinary session of the General meeting held in the “Palas” hotel in Petrovac, the participants have affirmed the decision on setting up a brand new company, which consists of Sveti Stefan and Miločer hotels, with accompanying land. Adriatic Properties holds a long-term lease on the hotels and the land. The estimated value of the real estate amounts €60,76 million, plus €25.000 as part of required initial capital. The value of the shares of the new company amounts €25,86 million. The nominal price amounts €3,1877.
The meeting was attended by 11 shareholders and their proxies who own 89,24% of total shares.
