The Government of Montenegro will continue with the purchase of the shares of the minority shareholders of Port of Bar, for which an additional EUR 500,000 has been allocated.
This was stated in the announcement of the Ministry of Finance, which was published on the Montenegro Stock Exchange.
– Given that the Government of Montenegro, through a series of decisions in the previous year, expressed its readiness to increase and eventually take over the ownership of the Port of Bar company, and that, according to the data from the Montenegro Stock Exchange, there is a large response from interested bidders for shares of minority shareholders, whose orders to have not been implemented today, the intention is for the Government to continue with the implementation and conclude the purchase of the offered shares in the current year – the announcement reads.
Therefore, as they stated, at the session of February 9 this year, information was adopted on the Government’s intention to purchase part of the remaining offered shares owned by the minority shareholders of the issuer Port of Bar.
– Bearing in mind the above, the Ministry of Finance has provided additional funds in the total amount of EUR 500,000 for further implementation, from the current budget reserve – they add.
Among other things, the Ministry explained, the Government’s commitment to further buyback of shares rests on the intention not to put minority shareholders in an unequal position.
– Therefore, the starting point is the equal treatment of all interested parties, with transparent treatment – they say.
Let’s remind you that following the conclusions reached previously, through the Montenegro Stock Exchange, a total of 13,348,542 shares of the issuer Port of Bar AD were purchased, that is, 23.51% of the total number of shares of this issuer. The average price at which transactions were concluded in the system of Montenegroberze a.d. was 0.89939 EUR per share.
With this purchase, the Government became the owner of 77.57% of the shares of Port of Bar. In addition to this purchase of shares, the Government also started negotiations on the takeover of the Port of Adria. As has been repeated several times, the goal is to return the unified Port of Bar to state ownership, and that with a serious plan and successful operations, it will generate much higher revenues than was the case until now.