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Sep 11, 2019 10:07 EEST
September 11 (SeeNews) - State-controlled power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] has reduced its capital through the amortisation of 13.1 million shares repurchased from Italy's A2A, it said.
After the completion of the transaction, the capital of EPCG amounts to 769.9 million euro ($850.5 million), the total number of shares is 118.1 million, and their nominal value is 6.5175 euro apiece, EPCG said in a filing with the Montenegro Stock Exchange on Tuesday.
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Last week, the shareholders of EPCG approved a plan to increase the government's stake in the company to 85.4% from 76.7% after A2A, which currently controls an 11.9% shareholding interest in the company, decided to pull out.
The Montenegrin government repurchased a total of 13,052,876 shares from A2A at a price of 3.95754012 euro apiece through a block deal in September 2018.
Montenegro's government said in July 2016 it received an offer from A2A for the sale of the company's 41.7% stake in EPCG. The government will pay 250 million euro for the shares held by A2A in seven annual instalments so as not to burden the state budget, the government said at the time.
($ = 0.905278 euro)
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