NewsMontenegro plans to continue the process for the privatization of the Dr....

Montenegro plans to continue the process for the privatization of the Dr. Simo Milošević Institute and several more companies

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Montenegro plans to continue the process for the privatization of the Dr. Simo Milošević Institute in Igalo next year. It is also planned to begin preparations for the privatization of several more companies, among which is the hotel group (HG) Budvanska Riviera.

This can be seen in the Proposal for a Decision on the Privatization Plan for 2023, which was adopted at yesterday’s session of the Privatization Council.

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– According to the model of selling shares and property through a public tender, it is planned to continue the procedure for the privatization of the Dr. Simo Milošević Institute in Igalo by selling shares, which will continue in accordance with the ruling of the Administrative Court. It is also planned to start the preparation and implementation of public tenders for the privatization of several companies – the Government announced after the session.

It is also planned to privatize the company HG Budvanska Riviera through the sale of shares, Castello Montenegro also through the sale of shares, the Institute for Ferrous Metallurgy through the sale of shares or recapitalization, and the takeover of Montepranzo Bokaprodukt from Tivat, through the sale of shares. The sale of 100% of the shares in the Durmitor Tourist Center from Žabljak is also planned.

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– In the discussion, it was emphasized that the mentioned companies have very valuable state assets that have not been used in an appropriate way in terms of creating new value, making profits, raising the quality of products and services, creating new jobs and the like, which was the main motive for proposing their privatization – the Government stated.

In this context, it was especially emphasized that in the continuation of the procedure, precise tender conditions and criteria will be established for each company, which will ensure the realization of social and economic interests defined by the pre-set goals of privatization.

According to the model of selling shares via the stock exchange, it is planned to offer shares in the companies Agrotransport Podgorica, Kotor – project, Metal produkt Podgorica, Montenegroturist Budva and Crnagoracoop Danilovgrad.

The Government announced that the plan determines the basic goals of privatization and other aspects of this process, methods and methods of privatization, with established lists of companies and the percentage of share capital for privatization.

– The main goal of privatization is to increase the competitiveness and efficiency of the functioning of companies, encourage foreign investment and entrepreneurship in all areas, increase employment and improve the standard of living – they say.

The privatization plan will be submitted to the Government for consideration and adoption, local media says.

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