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Montenegrin govt, Poland's OT Logistics start talks on stake in port operator - report

Montenegrin govt, Poland's OT Logistics start talks on stake in port operator - report Source: Luka Bar

PODGORICA (Montenegro), February 15 (SeeNews) – Montenegrin privatisation agency president Branko Vujovic said on Wednesday the talks with Polish company OT Logistics on the sale of a 30% state-owned stake in port operator Luka Bar have already started.

The negotiations started on Tuesday, and will first focus on the sale of Luka Bar, while the privatisation of state-owned rail cargo operator Montecargo will be discussed later, daily Pobjeda quoted Vujovic as saying. 

However, the government's intention is to sell the stakes in Luka Bar and Montecargo together, Vujovic said.

Last month, OT Logistics said it expects to close the talks on the purchase of 30% stake in Luka Bar by the end of the second quarter of 2017.

In December, OT Logistics placed the sole bid in the tender for the privatisation of a 30% stake in Luka Bar. The Polish company offered 7.1 million euro ($7.5 million) plus a 17.1 million euro three-year investment programme for the acquisition of the stake. 

A total of 17,030,021 state-owned shares in Luka Bar, with a nominal value of 1.2113 euro each, are up for sale. The majority owner of Luka Bar is the Montenegrin government with a stake of 54.05%.

In January, Montenegro said OT Logistics also placed the single binding bid, of 2.5 million euro, in its tender for the sale of a 51% stake in state-owned rail cargo operator Montecargo. 

($ = 0.9471 euro)


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