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Montenegro's Uniprom seeks 60-day prolongation to pay 28 mln euro for KAP - media

Montenegro's Uniprom seeks 60-day prolongation to pay 28 mln euro for KAP - media

PODGORICA (Montenegro), July 11 (SeeNews) – Montenegro’s Uniprom, which recently signed a deal to acquire local aluminum smelter KAP, asked for prolongation of two months to pay 28 million euro ($38.1 euro) for the bankrupt company, following the Cyprus court ruling, which orders ban of KAP assets transactions, media in Podgorica said on Friday.

Uniprom will use the option under the sales deal to postpone the payment within 60 days and wait for the outcome of the judicial process in Nicosia in aimr to avoid any harmful consequences that could arise, daily Pobjeda.me said, quoting Uniprom’s owner Veselin Pejovic.

Pobjeda said earlier this week citing KAP’s court-appointed administrator Veselin Perisic that the sale process of KAP will not be halted due to Cyprus court  decision, saying that only commercial court in Podgorica is competent for the issue.

Pejovic has signed the deal to purchase KAP’s assets for 28 million euro on June 10.

CEAC, established in 2005 to manage the aluminium business interests of the En+ Group in Central and Eastern Europe, and the Montenegrin government each owned 29.3% of KAP prior to the sale of the company.

KAP was declared bankrupt in October.

 ($=0.7349 euro)

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