June 10 (SeeNews) - United Arab Emirates-based cigarette maker BMJ Industries FZ has invested 20.5 million euro ($23.2 million) in Montenegro's tobacco company Novi Duvanski Kombinat Podgorica (NDKP) in the last three years, an audit report showed.
The investments were made in the period between February 15, 2016 and March 15, 2019, in line with the agreement for recapitalisation of NDKP, according to an audit report by Ernst&Young published on the website of the Montenegrin government on Friday.
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BMJ Industries FZ has hired 56 employees under permanent contracts in the period under review and intends to open a further 20 jobs by the end of 2019.
On the basis of the audit report, the Montenegro has agreed to sell its 1.45% stake in the capital of NDKP to BMJ Industries FZ, the government said in a separate statement on Friday.
In February 2016, the government of Montenegro and representatives of the municipal government of Podgorica signed contracts for the recapitalisation and management of NDKP with BMJ Industries FZ after the UAE-based company placed the sole bid in a tender for the Montenegrin tobacco company, offering to recapitalise it with 20 million euro.
BMJ Industries FZ currently owns an 85.4% stake in the capital of NDKP, a 13.1% shareholding interest is controlled by the Podgorica city government and Montenegro's central government holds 1.45%.
($ = 0.885579 euro)