Elektroprivreda Crne Gore (EPCG) management has recommended to the General Assembly of Shareholders that the entire profit of €52.4 million, earned last year, be retained within the company as undistributed profit. This proposal suggests that no dividends should be distributed to shareholders, according to information obtained by “Vijesti”.
As a result, even the government, which owns approximately 98% of EPCG’s capital, would receive no funds into the state budget.
Alongside the recent profit of €52.4 million, EPCG also has €42 million in undistributed profits accumulated from previous years.
The final decision on this matter is expected to be made on June 28, during the scheduled General Assembly of Shareholders meeting. At this meeting, the government representative, who represents 98% of the voting shares, has the authority to modify EPCG management’s proposal.
In its budget plan for this year, the government anticipated about €54.5 million in revenue from capital investments for the state treasury.
- “The Ministry of Finance will recommend to the government to exercise its property rights this year in a manner consistent with previous years. We emphasize that the state has continuously exercised its property rights from ownership in companies, in accordance with the Law on Business Organizations and previous conclusions,” the Ministry of Finance recently stated to “Vijesti” when asked if they would propose that state-owned companies allocate their profits to the budget and in what proportion.
EPCG’s CEO, Ivan Bulatović, previously mentioned in an interview with “Vijesti” that he hoped the state would not claim the entire profit.
Bulatović highlighted that the Pljevlja Thermal Power Plant (TE) will be non-operational for eight months next year due to maintenance work. This will necessitate importing electricity, which, at current prices, would cost €65 million.
