Budva officials to transfer Cadmus cineplex to Grad teatar

The Budva local parliament is set to vote on a decision that would allow the public cultural institution ‘Grad teatar’ to operate as a cinema. This move follows the municipality's acquisition of the ‘Cadmus cineplex’ located in the ‘TQ Plaza’ complex from the company ‘Lovćen film’.

Under the settlement agreement, the municipality will pay ‘Lovćen film’ a total of 1.7 million euros to take full ownership of the cinema. This sum includes 1,385,000 euros for initial investment compensation, 75,000 euros for functional maintenance costs, and 255,000 euros related to legal claims. In exchange, both parties have agreed to waive all further lawsuits and past disputes.

The payment schedule involves an initial installment of 260,000 euros already paid, followed by three monthly installments of 400,000 euros due by November 2024, December 2024, and January 2027. A final installment of 255,000 euros is scheduled to be paid by February 27 of the following year.