Open offer for sale of 30% shares of “Luka Bar”

Podgorica, Montenegro (21 December 2016) -- The meeting of the Tender Commission for the privatisation was held today in the presence of bidders’ representatives. Thus it was opened the only offer which was submitted to the public tender for privatisation through the sale of 30% of shares, with the possibility of acquiring an additional stake in the company “Luka Bar”, if the customer meets the indicators of success given by the company OT Logistics S.A. from Poland. According to binding offer, the total price offered for 30% of shares in the company amounts to 7.100.000 Eur.

Also, the company has offered the implementation of the three-year investment programme, which includes hydrological works on the pier Volujica and the construction of new silos, receipt of wagons and facilities for the marine shipping, in total amount of 17.1 million Eur.

Business Plan envisages a significant increase of the volume of cargo handling in the Port of Bar, in the first year already by 70%, while positioning the Port of Bar in new international markets, especially in the area of Central-European and North-South corridors and Middle/Far East corridor.

The bidder has made the commitment to maintain over next three years the existing number of 412 employees with the obligation to comply with the General, Branch and the Collective Agreement.

In cooperation with the elected Adviser and in accordance with the defined procedure, the Commission will assess the legal validity, bidder’s eligibility and the fulfillment of required conditions set forth in the public invitation and tender rules.