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PODGORICA (Montenegro), April 13 (SeeNews) – The construction of a cigarette factory of Montenegro's tobacco company Novi Duvanski Kombinat Podgorica (NDKP) will be completed in the next two months, according to the investor, United Arab Emirates-based cigarette maker BMJ Industries FZ, the Montenegrin government said.
BMJ Industries FZ has invested 4.5 million euro ($4.8 million) in Montenegro so far and plans to buy equipment for some 20 million euro, the president of BMJ Industries FZ, Ahmad Bkairat said on Wednesday, according to a statement issued by the Montenegrin government.
The company has curtailed production at the existing cigarette factory of NDKP, as quality was not good enough to satisfy market demand, but the UAE-based company does not intend to give up its investment plans in Montenegro, Bkairat added.
In February 2016, the Montenegrin government signed a contract for the sale of NDKP to BMJ Industries FZ. Under the terms of the deal, the investor will put in 20 million euro to recapitalise NDKP, with the bulk of the resources to be invested into the construction of a new factory.
BMJ Industries FZ operates a cigarette factory with a production capacity of 200,000 cases of cigarettes per month in the UAE. It also runs a shisha accessories factory in Italy.
($ = 0.939553 euro)