December 7 (SeeNews) - Montenegrin state-owned power utility company EPCG [MNG:EPCG] said it will acquire steel mill Zeljezara Niksic from Turkey's Toscelik in a deal worth 20 million euro ($21 million), local media reported.
The agreed deal includes an initial payment of 15 million euro in January and a second of 5 million euro to be made by February 15 after which EPCG will take over full ownership of the steel mill, Milutin Djukanovic, the president of the EPCG board of directors, said as quoted by state broadcaster RTCG on Tuesday.
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Montenegro's government gave approval for takeover talks to start in August.
Toscelik acquired Zeljezara Niksic in 2012 for 15.1 million euro after placing the best bid in an auction launched by the government. Toscelik suspended production activities at Zeljezara Niksic in March 2021, due to a drop in orders caused by the coronavirus pandemic. Last year, the Turkish company said it is in talks for the sale of the steel mill.
($ = 0.9518 euro)