Montenegro, No offers for the purchase of EPCG’s shares

, SEE Energy News

Not a single offer was received at the public call for the sale of 10 % of Montenegrin state-owned power utility EPCG’s own shares, with the only expression of interest coming from Shanghai Electric Power, the owner of the Mozura wind farm.

In the first half of July, EPCG published a public call for the sale of 11.813.238 its shares in a block transaction. The minimum price is 8.63 euros per share. The call was open for energy companies with the portfolio of at least 1,000 MW or with a basic capital of at least 500 million euros and Investment funds that are listed on the organized capital market, have a positive financial result in the last three years, capital of at least one billion euros and investment in energy sector at least 100 million euros in the last five years. The main criterion for the selection of the best bid will be the offered price per share.

EPCG is a joint stock company in which the state owns 88.65 % of the share capital, and as of September 2019, it has 98 % of the management rights. EPCG acquired 11,813,238 own shares representing 10 % of the share capital, but these shares have no voting rights nor rights to dividend payout, so the state as the majority shareholder de facto acquired complete management rights.

President of the Board of Directors of EPCG Milutin Djukanovic said that the company will take adequate action in order to avoid the scenario in which the company’s capital will be decreased by 77 million euros, because these shares will be annulled after 26 September 2022 if not sold to a third party.