Press release from session of Council for Privatisation and Capital Projects

Podgorica, Montenegro (16 May 2017) -- Montenegro's Council for Privatisation and Capital Projects held earlier today its fourth session, chaired by Council's Chairman and Prime Minister Duško Marković.

The Council adopted the Information of “Port of Adria” JSC Bar on implementation of obligations under the Sales Contract for “Container Terminal and General Cargo” JSC Bar and the Report on factual findings regarding the Agreement on sale of shares of the company “Container Terminal and General Cargo” JSC Bar, ended on 31 March 2017 and prepared by the audit company “Ernst&Young” Ltd. Podgorica.

The Information states that the investor has invested a total of EUR 11,118,379. In addition, it states that the only remaining investment obligation refers to a rehabilitation and strengthening of structures of the south coast of Mole 1 and that the delay was due to administrative barriers that investor faced in the process of allotment. As the Information notes, procedure on Public Call for the works is carried out, five of the eight registered companies will be invited to submit final tenders and works should be completed in 16-18 months.

The document says that the investor has carried out a social programme in the amount of EUR 6,518,076, which makes 100.28% of compulsory social programme.

It also indicates that the total income of “Port of Adria” JSC Bar increased by 9% in the reporting period, with the average salary increased by 35.69%.

Deciding on complaints of OT Logistics S.A. Company from Poland, the Council made the decisions rejecting the complaints as unfounded. Actually, the company submitted complaints against the decision of the Tender Commission for the Privatisation regarding the results of public tender for the privatisation of companies “Luka Bar” Bar and “Montecargo” Podgorica.

The Council was informed about a new, far more favourable offer of the company.

Montenegro's Council for Privatisation and Capital Projects adopted Monitoring Commission's Report on degree of implementation of the “New Tobacco Plant” JSC Recapitalisation Agreement which states, inter alia, that the investor has paid all arrears to the workers, tobacco growers, contractors and other accrued liabilities. The Report also says that construction works on the plant and installation of new equipment will be completed in June, and that the investor plans to expand the originally planned capacities in section of tobacco processing and to increase the number of employees.

PUBLIC RELATIONS SERVICE OF THE GOVERNMENT OF MONTENEGRO