US investment firm snatches up shares in incumbent

11 Sep 2013

Frontaura Global Frontier Fund, a US investment fund, has bought up shares in fixed line incumbent Crnogorski Telekom over the last six months to become the fourth largest shareholder in the company. Local news outlet Vijesti writes that Frontaura paid around EUR2.6 million (USD3.45 million) for 758,000 shares in the telco, giving it a 1.6% stake in the operator, which is majority-owned by Deutsche Telekom subsidiary Magyar Telekom. Frontaura explained that the annual dividend paid by the operator was the main reason for the move, adding that the price per share in Crnogorski Telekom has increased from EUR3.21 to EUR3.8 since the start of the year.

Montenegro, Crnogorski Telekom