PHOTO: FreePIK / CreativeT

The market capitalization of the Montenegro Stock Exchange at the end of 2024 reached 3.8 billion euros, showing improvements in average daily turnover and the number of transactions compared to 2023. However, the MNSE10 index rose by 7.56 percent, as reported in the Montenegrin stock exchange’s annual statistical newsletter.

The most actively traded stocks included Voletrala AD from Nikšić, Montenegrin Telekom, and Montenegrin Electrical Engineering, while Zeta Film from Budva (Zetf), PKB Herceg Novi (Poko), and Si Moneta saw significant declines in their stock values.

In 2024, the average daily turnover on the Montenegro Stock Exchange was just under 50,000 euros, a decline from the previous year’s figures. Both stocks and bonds saw growth, with MONEX increasing by 2.09 and 5.46 percent, respectively.

Currently, two companies are under the spotlight: the Institute Dr. Simo Milosevic from Igalo and the Zeta Film.

A resolution regarding the Institute Dr. Simo Milosevic is expected within the next month.

As reported by Podgorica’s “Vijesti”, the State and the company Vila Oliva Žarku Rakčević have reached an agreement on restructuring and recapitalization, which includes plans for real estate sales. The state will retain rights to the land of the Institute, allowing for the construction of facilities solely for health or commercial tourism purposes.

The shares of the Institute Dr. Simo Milosevic are currently priced around 58 euros. The Montenegro Stock Exchange indicates that throughout 2024, their average price fluctuated between 18.2 and 29.3 euros, with only 123 shares sold from January to December.

Meanwhile, there is an acquisition offer for the once-renowned Yugoslav company Zeta Film from Budva, located where the former Hotel Merit Starlit building once stood. According to Montenegrin media sources, Zeta Film was privatized by the late businessman Brano Mićunović, and the current takeover offer comes from his son Đorđe Mićunović and his partners.

The deadline for submissions, according to the Commission for the Capital Market, is set for January 22, with Zeta Film shares currently valued at 1.2 euros on the Montenegro Stock Exchange.

The last recorded transaction at this price occurred in December 2024 when 70 shares of the former producer and distributor of iconic films such as “The Beauty of Vices” and “Wonder Unseen” were sold. Consequently, in the annual Bulletin of the Montenegro Stock Exchange, it was noted that Zeta Film’s shares lost 40 percent of their value in 2024, placing them among the three largest “losers” on the Montenegrin capital market.

In other news, during 2024, Wholesale AD from Nikšić emerged as the most traded stock, with 168 transactions and an average price of €10.97, totaling a turnover of 104,000 euros. Montenegrin Telekom, owned by Croatian Telekom, saw a significantly larger turnover of 1.83 million euros over 152 transactions.

Regarding the stocks included in the Blue-Chip index MNSE10, Montenegrin Telekom made up the largest portion of turnover in 2024, accounting for 34.06 percent, while Mortgage AD from Podgorica held 24.34 percent, with an overall trading volume of 1.31 million euros.

It is important to note that Mortgage Bank is currently undergoing an ownership change. Agri Europe Cyprus, which is associated with AIK Bank and Eurobank Direct in Serbia, announced on December 9 that it has finalized a purchase agreement for acquiring 7,674,285 shares of Mortgage AD Podgorica.

This share package represents approximately 74.9358 percent of the Mortgage Bank’s capital, with the price set at 9.77 euros per share.

“Following the completion of this share acquisition, Agri Europe Cyprus, along with Cerfin doo Podgorica and Cerere Spa, will initiate a mandatory public takeover bid in line with Montenegro’s capital market regulations,” Agri Europe Cyprus announced.