Montenegro, The state bought its own shares in CGES

, SEE Energy News

In a block transaction on the Montenegro Stock Exchange, the Montenegrin state bought 550,050 or 0.38 % of shares of electricity transmission system operator CGES for a total of 485,000 euros.

According to data from the Montenegro Stock Exchange, the transaction was realized at a price of 88.2 eurocents per share.

The Government previously adopted the Information on the disposal of its own shares, as well as the purchase of shares from the majority owner of CGES.

The Government adopted CGES’ offer regarding the redemption and purchase of 550,050 own shares of that company.

The Government allocated the funds for the purchase of CGES’ own shares from the budget’s current reserve.

Prior to the transaction, the Government of Montenegro owned 55 % of the shares in CGES, while Italian Terna had 22.09 % stake in the company. In late December 2015, Serbian electricity transmission system operator EMS became a shareholder in CGES, after the company bought about 10 % of CGES’s shares at Montenegrin Stock Exchange for some 13.9 million euros. In January 2021, EMS bought additional 5 % stake in Montenegrin operator.

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