December 3 (SeeNews) - Montenegro's state-controlled power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] has never filed a bid for the acquisition of aluminium producer KAP from local company Uniprom, a senior EPCG manager said, denying local media speculation about a potential transaction.
"We have never sent such an offer to anyone, neither to our majority shareholder, the state, nor to Uniprom, nor to anyone else," the CFO of EPCG, Miro Vracar, said in a video file posted on the website of Montenegrin public broadcaster RTCG on Thursday.
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Local media reported earlier on Thursday that EPCG has expressed interest in the acquisition of KAP which is planning to suspend production activities at its smelter in Podgorica this month due to the high energy costs that the company will incur after the expiry of its power supply contract with EPCG on January 1.
Uniprom said on Thursday it is interested in a potential purchase of KAP by EPCG and asked the state-controlled power utility to submit a bid.
"We know for sure that KAP has losses of over 100 million euro ($113 million) per year, at today's prices. We cannot take that loss on our backs, because we would have to pass it on to citizens who do not deserve this," Vracar said.
KAP entered bankruptcy proceedings in 2013 and was sold by Montenegro's government to Uniprom in 2014.
($ = 0.88337 euro)