Montenegro’s privatisation council has launched a tender for the sale of 51% stake in Montecargo, the rail freight operator, with a value of EUR 8.9 million.
The deadline for the submission of bids is December 8.
According to the Council, there will be sold 1,703,458 shares with a nominal value of 5.2285 euro each.
Montenegro’s government has a 85.4% shares in Montecargo and the government’s institutions control a further 2.2%.
The successful bidder has the opportunity to later acquire the remaining state-owned shares in Montecargo via recapitalisation, subject to achieved results, the privatisation council said.
The selected investor may be entitled after 3 years to acquire new shares in the company in the amount equivalent to the fulfilled obligations under the investment plan through recapitalisation, provided that the performance indicators related to investment commitments and social obligations laid down in the contract are unequivocally fulfilled, the agency explained.
The face value of Montecargo’s total registered capital is EUR 17.5 million.
Montenegro’s privatisation plan for 2016 provides for the sale of stakes in several large companies including Montecargo.
Montenegro’s privatisation council announced in January 2016 that it has adopted a draft privatisation plan for 2016 which sees the sale of stakes in several large companies. These included the national air carrier Montenegro Airlines and rail freight company Montecargo.
The privatisation of these companies has been planned for the past several years but has not yet been implemented.
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