One offer submitted for privatisation of Montecargo

Podgorica, Montenegro (16 January 2016) – The meeting of the Tender Commission for Privatisation was held today in the presence of bidders’ representatives. Thus it was opened the only offer which was submitted by the company OT Logistics S.A. from Poland to the public tender for privatisation through the sale of 51% of shares of the company "Montenecargo", with the possibility to subscribe new shares through capital increase and the right to purchase the remaining shares owned by the State of Montenegro and state institutions in accordance with the Tender terms. According to binding offer, the total price offered for 51% of shares in the company amounts to 2,500,000 EUR.

Also, the company has offered the implementation of investment programme, which includes the purchase of two multi-system locomotives Siemens Vectron, locomotives and related IT solutions, in total amount of 2,550,000 EUR.

Business Plan envisages a significant strengthening of the company's position in the sector of international transport and logistics by achieving the leading position in the Baltic - Adriatic corridor by increasing its market share up to 50% on the market of reloading agricultural cargo in sea ports as well as by doubling freight of Montecargo.

The bidder has made the commitment to comply with the General, Branch and the Collective Agreement for a period of at least 3 years.

The company OT Logistics was also the only bidder on the tender for sale of 30% shares of "Luka Bar" AD Bar.
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.

PRIVATISATION AND CAPITAL INVESTMENT COUNCIL
Tender Commission for Privatisation