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PODGORICA (Montenegro), March 7 (SeeNews) - Montenegro's parliament said it approved the extension of the shareholders' agreement with Italian group A2A for the joint management of state-run power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] to June 30.
The extension is envisaged in an annexe to the existing shareholders' agreement, the parliament said in a statement on Monday.
The annexe regulates the relations between the Montenegrin government, EPCG and A2A and includes an exit option for the Italian company at a cost of 250 million euro ($264.4 million), public broadcaster Radio Televizija Crne Gore (RTCG) said.
EPCG and A2A have been signing short-term managing agreements since April 2015, when their five-year deal expired. The previous deal was signed in August and extended the joint management of EPCG until December 31, 2016.
The Montenegrin government is the majority owner of EPCG with a 57% stake, while A2A owns 41.75%.
($ = 0.945707 euro)
Mar 07, 2017 13:11 CEST