Decision to Issue Atlas Bank Shares Adopted

By , 12 Mar 2019, 00:22 AM Business
Decision to Issue Atlas Bank Shares Adopted Copyrights: News Agency Vijesti

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11 March 2019 - Interim Administrator of Atlas Bank, Tanja Terić, has adopted a decision to issue 22 million EUR worth of shares for the sale of this financial institution.

In a press release published on the bank’s website, Terić explained that the decision on the issue of shares was adopted on Thursday in line with the Law on Banks. “A total of 88,710 shares with the nominal value of 248 EUR per share have been issued,” the press release says.

The call says that the issue will be considered successful if all issued shares have been registered and paid for within the defined deadline. Terić informed the interested buyers that the shares might be bought within 20 days, starting from the first weekday after the publication of the call.

As specified in the advertisement, interested parties have the right to inspect the public call on the website of Atlas Bank, The sale of shares will be done through an investment firm in a regulated market.

Previously, the private placing for recapitalisation of Atlas Bank in the value of 22 million EUR for existing shareholders was not successful. The decision for private placing, which only applied to existing shareholders, was adopted on January 16, and the process itself began three days later.

These shareholders could, based on the legal right of pre-acquisition, purchase a part of 88.71 thousand shares with an individual nominal value of EUR 248, which covered a capital increase of 22 million euros.

On December 7, the Central Bank introduced the provisional administration to Atlas and Invest Bank Montenegro (IBM), which later ended with the bankruptcy of IBM. In the meantime, both banks deal with the prosecution for suspicion of money laundering.

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