PODGORICA (Montenegro), August 21 (SeeNews) – Montenegrin power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] will use own resources to finance the acquisition of a 41.7% stake in its capital held by Italian sector player A2A, Montenegro's economy minister Dragica Sekulic said on Monday.
The financing of the acquisition will not be a problem, as EPCG has enough money in its bank accounts, Sekulic said in an interview for daily Dan.
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The government does not plan to sell the shares acquired from A2A to a third party, Sekulic also said.
Montenegro's government said last month it received an official application by A2A for the sale of its 41.75% shareholding interest in EPCG. The government will pay a total of 250 million euro ($293.6 million) for the shares held by A2A in seven annual instalments so as not to burden the state budget, the government said back then.
"The deadline for the payment of the first of the seven instalments is May 1, 2018," Dan quoted Sekulic as saying on Monday.
EPCG and A2A have been signing short-term management agreements since April 2015, when their five-year deal expired.