September 4 (SeeNews) - The operator of the Montenegrin Adriatic port of Bar on Friday said it will spin off its containerised and general cargo terminal as part of an ongoing corporate restructuring.
Luka Bar will transfer assets with a book value of 70.9 million euro ($101 million) to the new company, the port operator said in a statement posted on its website after a general shareholders' meeting.
The shareholders also approved cutting the company's capital to 68.76 million euro divided into 56,766,736 shares with a nominal value of 1.2113 euro each. Previously, the capital of the company was divided into the same number of shares but with a nominal value of 2.3598 euro each.
The new company will also take over part of Luka Bar’s debt of 5.7 million euro, the statement said.
The port operator turned to a net loss of 3.8 million euro in 2008 from a net profit of 353,521 euro in 2007. It employs close to 1,500 people.
The Montenegrin government has said it plans to launch a tender for the privatisation of Luka Bar by the end of this year.
($=0.7031 euro)