Published ownership figures show Dragan Bokan holds 91.48% of Montenegro’s Voli Trade and the European Bank for Reconstruction and Development (EBRD) owns 8.52%, after the company’s 7.85% own stake was removed from its ownership structure. Bokan’s share rose by 7.18 percentage points and the EBRD’s by 0.67 percentage points.
Subtracting those increases from the current holdings gives previous stakes of 84.30% for Bokan and 7.85% for the EBRD. The percentages are rounded to two decimal places. The figures indicate a proportional recalculation following the removal of Voli Trade’s own shares; they do not establish that either shareholder bought additional shares or contributed new capital. Available information does not identify the legal mechanism, any compensation or the decision behind the change.
The partnership between Voli and the EBRD dates to 2009, when their first credit arrangement was concluded to fund investment and expansion of the retail network. In 2015, the EBRD reported a 10 million euros investment through a special form of equity instrument, intended to support a distribution centre in Podgorica and new store openings. The partnership was later expanded through a 25 million euros capital-increase agreement for a new logistics and distribution centre.
The EBRD lists the new-centre arrangement as signed, with a planned equity investment of up to 25 million euros. The project is in Podgorica; Voli says the facility will cover more than 25,000 square metres and have capacity for 25,000 pallet spaces, including 10,000 deep-freeze spaces. It also includes support for the company’s digitalisation and cybersecurity.
