About Montenegro Stock Exchange_old

Montenegro Stock Exchange was established in June 1993, in base of Law on Money and Capital Market. Founders of Stock Exchange were four banks from Montenegro:

• Montenegrobanka A.D. Podgorica;
• Pljevaljska banka A.D. Pljevlja;
• Beranska banka A.D. Berane;
• Hipotekarna banka A.D. Podgorica
• and Republic of Montenegro, apropos its Agency for economic restructruction, foreign investment and development

On the General meeting on July 7, 1995. Montenegro Stock Exchange harmonised its bussines activities with Law on stock exchange, stock exchange activities and agents.

Motenegro Stock Exchange got founding licence from Federal Ministry of Finance, licence for trading with short term securities from Yugoslav Central Bank and licence for trading with long term securities from Federal Securities Commission.

Founders of Montenegro Stock Exchange, beside already mentioned, are also three banks and two insurance companies:

• Podgorička banka A.D Podgorica;
• Jugobanka A.D Podgorica;
• Niksicka banka A.D Niksic;
• Lovćen osiguranje A.D Podgorica
• i Agroosiguranje A.D Podgorica.

In purpose of increasing shareholders capital, Montenegro Stock Exchange issued the second issue of shares. New shareholders became many banks from Yugoslavian teritory: Vojvodanska banka, Continental banka, Trgovacka banka, Beogradska banka, Panonska banka, Prva tekstilna banka, Karic banka, Novosadska banka, Atlas banka i JUBMES, kao i Savezna vlada.

Taking part in the third issue of shares, new shareholders became:

• Inex petrol d.o.o. Podgorica
• World Trade Centar A.D. Podgorica
• Čelebić d.o.o.Podgorica
• Tilmont d.o.o.Podgorica
• Finadria d.o.o.Podgorica
• Vektra d.o.o.Podgorica
• Inpek d.o.o.Podgorica
• Komercijalna banka A.D. Budva
• Montenegroosiguranje A.D. Podgorica
• Ekos banka A.D. Podgorica

Securities Commission of Montenegro was founded in 2000. and took over jurisdiction form Federal Commission, and gave the licence for bussines activities to Montenegro Stock Exchange on December 14, 2000.

Since September 2006th the Montenegro Stock Exchange is entirely privately owned company, which means that the Government of Montenegro sold its stake from 5% in Montenegro Stock Exchange by the auction sale on the stock market. For this package, there was the price of € 1,100.00 per share, or five times more than the nominal value, representing a market capitalization of the Stock Exchange of € 1.4 million.