Montenegrin retailer Voli Trade has revised its registered shareholder structure, with businessman Dragan Bokan holding 91.48% of the company and the European Bank for Reconstruction and Development (EBRD) holding 8.52%, according to corporate registry information.
The updated breakdown follows the removal of Voli Trade’s previously recorded 7.85% treasury shareholding from the ownership structure. Bokan’s registered participation increased from 84.30% to 91.48%, representing a rise of 7.18 percentage points. The EBRD’s stake increased from 7.85% to 8.52%, an adjustment of 0.67 percentage points.
The revised percentages appear to reflect a proportional recalculation after the removal of the company’s own shares, rather than new acquisitions by either shareholder. Available registry information does not establish whether the adjustment involved a separate payment or capital transaction. The ownership update comes amid the EBRD’s investment partnership with Voli, which includes support for the retailer’s expansion and modernisation programme.
The bank previously committed an equity investment of up to €25 million towards the development of a new logistics and distribution centre in Podgorica. The planned facility will cover approximately 25,600 square metres and is intended to improve supply-chain efficiency, distribution capacity and energy performance.
The broader investment programme also encompasses digital transformation, cybersecurity and operational improvements, alongside the development of logistics infrastructure for Voli’s retail operations. The EBRD’s participation forms part of its engagement with a major domestic private-sector company, complementing its financing activities in infrastructure, energy and business competitiveness.
The latest ownership disclosure clarifies the distribution of shares between Bokan and the EBRD but does not establish any additional financing commitment or new capital injection by the bank.
