Montenegro's 13 Jul-Plantaze to auction land in Podgorica

In the first auction, it is offering for sale 9,800 square metres of land located in Podgorica's suburb of Donja Gorica at a starting price of 112.62 euro ($121.33) per square metre, or 1.1 million euro in total, 13 Jul-Plantaze said in a tender notice published on Monday.

This will be the winery's third attempt to sell the land plot, according to the statement.

In the second auction, the company is offering for sale four land plots of 1,817 square metres, also in Donja Gorica, at a starting price of 94.50 euro per square metre, or 171,700 euro overall, 13 Jul-Plantaze said in a separate tender notice also published on Monday.

This will be the second attempt to sell the properties.

The deadline for submitting applications to participate in both auctions is February 20.

In January, the head of the wine producer, Igor Cadjenovic, said the company is expected to post a 3.3 million euro loss for 2023, which represents an improvement of 6.7 million euro compared to the year before. Cadjenovic has noted the company's revenue is estimated to have risen 14% to 32 million euro last year, which is a record-high figure for the past ten years.

13 Jul-Plantaze's shares last traded on the Montenegro Stock Exchange on January 18, closing down 1% at 0.2475 euro.

The government's Investment and Development Fund owns a 22.2% stake in the company, 21.5% is held by the Pension and Disability Insurance Fund and 9.2% is owned by Komercijalna Banka Montenegro. The rest is held by a number of minority shareholders, bourse data showed on Tuesday.

($ = 0.928 euro)