Polish OT Logistics finalises talks on stake in Luka Bar and Montecargo

Polish company OT Logistics, the sole bidder in the tender for privatisation of Montenegrin Luka Bar and Montecargo, closed today the talks on the acquisition of stake in these two state-owned companies. The results of negotiations were announced at today's meeting of OT Logistics representatives and management and union representatives of both companies.

The price for the shares of Luka Bar is increased by 20% compared to the price of the offer, i.e. 8,520,000 EUR for 30% of company's stake. Under the binding Investment Programme for a period of three years, the Polish company must invest 14,000,000 EUR.

OT Logistics offered 2,500,000 EUR for the sale of 51% stake in state-owned rail cargo operator Montecargo. Under the binding Investment Programme for a period of three years, the Polish company must invest 3,450,000 EUR, instead of previously offered 2,550,000 EUR, as well as to provide two locomotives through leasing of a total value of approximately 7 million EUR.

Under the contracts for the acquisition of stake in both companies, the Bidder is obliged to respect existing collective agreements for a period of three years. Collective agreements in both companies suggest the increase of the minimum wage for employees from the current 90 to 140 EUR, or 150 EUR in case of privatisation. For a period of three years, the Bidder shall not consider the surplus of employees and it is Bidder's obligation to ensure payment of wages, taxes and contributions, fees and all other payments to employees in accordance with the collective agreements.

Tender Commission for Privatisation