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Montenegrin utility EPCG renews tender for sale of 10% stake

Montenegrin utility EPCG renews tender for sale of 10% stake

Date: August 5th 2022

Author: Maja Žuvela

Category: En.vision

Topic: Electricity , Renewables , Coal , Energy policy , Economy , En.vision

Montenegrin power utility EPCG issued a new tender on Friday in a fresh bid to sell a 10% stake in the company by lowering the price of around 11.81m shares and easing the tender’s terms.

The majority state-owned EPCG invited potential investors to take part in a block trade at a minimum price of EUR 7.33 per share, down from its earlier offer of EUR 8.63 per share.

Power utilities with at least 1 GW of installed capacity or at least EUR 500m of share capital and investment funds with at least EUR 1bn of share capital that have achieved positive financial results over the last three years and invested at least EUR 100m in the energy sector in the last five years are eligible to participate in the tender.

The previous tender, which closed on 1 August, failed to attract any bids.

The deadline for the submission of bids for the new tender is 12 August.

EPCG’s own financial data states that the utility’s share capital now stands at EUR 770m, after acquiring over 11.8m of its own shares on 26 September 2019.

EPCG acquired its own shares in the process of implementing the provisions of the put option agreement concluded between the Montenegrin state and Italian power utility A2A, which in 2017 decided to sell its entire 41.7% stake in EPCG.

However, these 11.8m shares do not entitle their holders to dividends and other income nor to voting rights at the company’s general shareholders meeting. They cannot even be counted for the purpose of establishing a quorum at a general shareholders meeting.

In accordance with the Companies Act, EPCG must sell these 11.8m shares within three years, or by 26 September 2022 at the latest, otherwise they will be voided.

In May, Montenegrin MP and former economy minister Dragica Sekulovic expressed her scepticism about EPCG’s share offer, arguing that the conditions of the first tender had not provided potential buyers with enough incentive.

EPCG operates 877.38 MW of installed capacity and employs 1,006 people.



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