July 19 (SeeNews) - Montenegro's majority state-owned power utility company EPCG [MNG:EPCG] invited bids for a 10% stake in its capital in a block trade on the country's stock exchange, it said.
The company plans to sell 11,813,238 own shares at a minimum price of 8.63 euro ($8.84) per share, EPCG said in a public notice posted on its website on Monday.
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The procedure is open to electricity companies with installed capacity of at least 1,000 MW or share capital of at least 500,000 euro, and investment funds quoted on the organised capital market, which achieved positive financial result in the last three years, with the share capital of at least 1 billion euro and investments of minimum 100 million euro in the energy sector in the last five years, EPCG said.
The deadline for the submission of bids was set on August 1, EPCG noted.
The Montenegrin government owns a 88.7% stake in the capital of EPCG, the company holds 10% of its own capital and the remainder is controlled by smaller shareholders.
($ = 0.9771 euro)