The Montenegrin government is currently not interested in purchasing the majority stake in Port of Adria, the former container terminals of the Port of Bar. The offered price is considered significantly disproportionate to the company’s actual condition, the Ministry of Maritime Affairs told “Vijesti.”
The ministry did not disclose the amount requested by the Turkish majority owner, Global Ports, nor the details of the analysis conducted, citing confidentiality agreements.
In December last year, the ministry signed a contract with Hamburg Port Consulting to conduct a detailed business analysis of Port of Adria and prepare a report for the government. This analysis formed the basis for recent negotiations with Global Ports.
Global Ports acquired 62% of the shares in the then Container Terminals from the state in 2014 for €8 million and subsequently renamed the company Port of Adria, which now employs 280 people.
Previous Montenegrin governments have repeatedly announced plans to buy back the former Container Terminals and merge the company with the Port of Bar.
The Ministry of Transport launched a public tender in July last year to select a consulting firm for an in-depth financial and commercial analysis of Port of Adria, resulting in the appointment of Hamburg Port Consulting.
According to the ministry, the analysis showed that the state currently has no interest in purchasing Port of Adria due to the offered price being far above the company’s real value.
Maritime Minister Filip Radulović previously stated that the separation and privatization of the Container Terminals from the Port of Bar in 2009 was a mistake that harmed national interests. He emphasized that merging the Port of Bar and Port of Adria would create greater development potential and significantly benefit Montenegro’s economy.
To reunify the Port of Bar, several steps are needed: first, acquiring Port of Adria, and then securing a two-thirds majority approval from the shareholders’ assemblies of both companies for the merger.
The government under Dritan Abazović initiated talks in December 2022 to buy Port of Adria and purchase shares of the Port of Bar to reach a two-thirds majority. The government offered minority shareholders €0.90 per share of the Port of Bar, spending about €13 million and increasing its stake from 54% to 78%.
Currently, Port of Bar shares are valued at €0.32 on the stock exchange.
