Montenegro - Media Review – November 3

VIJESTI

- Montenegrin hotel operator Mimoza turned to a loss of 222,990 euro in the first half of the year from a 121,460 euro profit in the first quarter, the daily said. Belgrade-based firm Irva Izgradnja Investicije Inzenjering, controlled by Montenegrin businessman Veselin Barovic, owns 81.71% of Mimoza.

- The premiums generated by the Montenegrin insurance market have potential to grow and to raise their share in terms of gross domestic product from the current 1.8% which is several times lower than the European Union average, industry officials said. The 11 insurers that operate in Montenegro posted combined premiums of 59.77 million euro at the end of 2008.

- Montenegrin business consultants Black Sea Montenegro, acting on behalf of private equity firm CVC, have offered to buy out minority shareholders in Montenegrin brewery Pivara Trebjesa at 44.83 euro per share, the daily said. Miroslav Jelicic, a small shareholder in Trebjesa, said the price is ridiculously low and that the company is worth at least 23 times that. The offered price puts Trebjesa's market capitalisation at just 31.9 million euro, while the brewer holds 93% of the domestic market. CVC became a 72.69% shareholder in Trebjesa as part of its acquisition of AB InBev's operations in central and eastern Europe in October.

RTCG

- Montenegrin state-controlled railway firm Zeljeznicka Infrastruktura, which employs 932, cut its loss by 60% to 3.17 million euro in the first nine months of 2009, the company said.

- The Montenegrin municipality of Budva said it has signed with German firm WTE a 58 million euro deal for the construction of a wastewater treatment plant.

($=0.6830 euro)