PODGORICA (Montenegro), February 2 (SeeNews) – Montenegrin state-run power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] said it plans to take control of coal miner Rudnik Uglja [MNG:RUPV] to boost the synergies between the two companies.
EPCG has expressed interest in acquiring shares in Rudnik Uglja and taking control of the company, in order to achieve greater synergies and optimise the performance of Montenegro's thermal power sector, EPCG said in a statement on Tuesday.
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The decision was adopted by an extraordinary shareholders meeting of EPCG on Tuesday, which authorised the board of directors to monitor the price of Rudnik Uglja shares and prepare a declaration of interest in taking control of the coal miner.
The shareholders meeting of EPCG also approved the appointment of Djoko Krivokapic as board chairman, and named seven board members.
Italian utility A2A, which owns 41.75% of EPCG, is the largest shareholder in Rudnik Uglja, with a 39.49% stake. A2A entered the shareholding structure of Rudnik Uglja in 2009, when it acquired two million shares in the company for a total of 19 million euro ($20.5 million).
The Montenegrin state is the second largest shareholder in Rudnik Uglja, with a 31.11% stake, and also controls a 57.02% shareholding interest in EPCG.
Rudnik Uglja led the blue-chip gainers on the Montenegrin stock exchange in January, adding 37.29% month-on-month to 4.12 euro, as 11,400 of its shares changed hands in 19 transactions.
A total of 5,576 shares in Rudnik Uglja were traded in the last three days of January. On February 1, Rudnik Uglja shares closed 9.38% higher at 4.51 euro.
Both EPCG and Rudnik Uglja are components of the MNSE10 blue-chip index on the Montenegrin stock exchange.
($ = 0.924668 euro)