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Announcement

Announcement of the Conclusion of Annex No. 1 of the Agreement on Purchase of Shares of Societe Generale Banka Montenegro AD
07/11/2019

On 28/02/2019 we informed you that Crnogorska Komercijalna Banka AD Podgorica (hereinafter: the Bank) signed the Share Purchase Agreement on purchase of 87.602 shares of Societe Generale Banka Montenegro AD which make 90.5578% of the total share capital of this issuer (hereinafter: the Shares), at a price of EUR 461.81 per share, which totals EUR 40,455,538.00 (hereinafter: the Agreement). The parties to the Agreement are (i) the Bank as the buyer, (ii) Societe Generale a société anonyme as the seller (hereinafter referred to as: the Seller) and (iii) OTP Bank Plc. as a parent bank in the capacity of the Bank's guarantor (hereinafter collectively referred to as: Contracting Parties).
At the General Shareholders Meeting of Societe Generale Banka Montenegro AD held on 15 May 2019, the decision on approving dividend payment to all shareholders in the total amount of EUR 5,329,022.16 for the business year 2018 was adopted.  
As a result of the decision on dividend payment, on 3 July 2019 the Contracting Parties concluded Annex 1 to the Agreement defining purchase price reduction.
We hereby inform you that the purchase price amounts to EUR 35,629,692.37 (EUR 406.72 per share).
In the forthcoming period, the Contracting Parties will undertake activities prescribed by the laws and bylaws in order to complete the purchase of shares of Societe Generale Banka Montenegro AD.      

 

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