Sole bid for purchase of "Montenegro Defence Industry" accepted

Podgorica, Montenegro (7 November 2014) -- Sole bid submitted by the consortium of Belgrade’s CPR-IMPEX and Tel Aviv-based ATL- ATLANTIC TECHNOLOGIES in a public tender for the sale of 100% of "Montenegro Defence Industry" Podgorica meets all the requirements of the tender procedure, the Tender Commission for the Privatisation concluded at its today’s session.

According to the consortium’s binding bid, the offered price for the purchase of 100% of the company’s capital amounts to EUR 680,000. The consortium offers the implementation of an investment programme, including the renovation of the business premises in the amount of EUR 100,000, an investment worth EUR 100.000 for launching a new production programme, and the provision of permanent current assets to finance wholesale, retail and foreign trade turnover amounting to EUR 200,000, which makes the total of EUR 400,000 over a one-year period.

The offer reads that the consortium plans to retain the existing number of employees over the next three-year period, as well as those who have been engaged through employment agencies. The bidder will also respect the existing collective agreement and all other legal regulations related to work and employment relations in the company, and is to provide benefits in order to stimulate employees to increase productivity, which would be reflected through:

1. increase in average wage by at least 20% in 2015, while further rise will depend on the results of the company's performance;

2. management’s participation in managing the company and distributing profits amounting up to 60%, starting from the date of taking over the company.

The Tender Commission, in line with defined procedures, will offer the bidder to start talks on the conclusion of the purchase agreement.