Statement by Tender Commission for Privatisation

Podgorica, Montenegro (24 March 2017) – The news in the daily newspaper Dan that the share in the New Tobacco Plant is being given to the Arabs is untrue. This cannot even be concluded from the text below the title. In order to objectively inform the public, we emphasise once again that the Recapitalisation Agreement with the BMJ Industries from the UAE, which is in force, suggests that the BMJ's stake in New Tobacco Plant is determined based on the volume of investments. The State's share will be part of the existing equipment which will be transferred to the new location of the New Tobacco Plant. The share of the Capital City will be determined on the basis of the assigned land and/or utilities, according to the current prices of location. The ownership structure of the New Tobacco Plant will be formed this way.

The construction of the plant is running behind schedule because of the revised construction project and the need to obtain a new license for construction. However, the plant is being intensively built, and we expect that construction will be finished soon. The remained equipment at the old location, and some offices in Serbia, are the property of the State and will be subject to sales in the future.

TENDER COMMISSION FOR PRIVATISATION