Serbia: TSO Co Elektromreza Srbije wants a special session of the Assembly of CGES TSO Co Montenegro

12. February 2016. / News Serbia Energy

Serbian TSO company EMS acquired 10% of shares for 13MEUR in January stock market purchase. Representatives of the TSO company Elektromreza Srbije EMS sent a request for a special session of the shareholders Assembly of Montenegrin Transmission system CGES with a suggestion to elect new members of the board of directors.

“EMS sent the request on January 21. We plan to give suggestions regarding the further operation of CGES to their representatives,” EMS told Mina business Agency.

In the end of December EMS became a shareholder of CGES, after purchasing 10 percent of the shares of the Montenegrin energy company for 13.9 million euro in the Montenegro exchange. They said from EMS that the director general of the Serbian company Nikola Petrović intends to visit CGES soon.

We are well aware of the operation of the Montenegrin company. We have followed the operation of CGES before buying the shares and we keep on doing it, they said from EMS.

There is always room for improvement and that will certainly be one of the topics of the meeting between the representatives of EMS and CGES.

There is an excellent cooperation between our company and CGES from before. The director of CGES has already been in Belgrade at a meeting with the director general of EMS and representatives of our company,” they said from EMS.

They also said earlier that they have taken a commercial loan under favorable conditions in order to buy the share in CGES.

They are expecting income through dividends and the benefit of interconnecting of Montenegro with Italy through an undersea cable.

Montenegro state owns 55 percent of the CGES shares while the Italian Terna owns 22.09 percent of the shares, transmits Serbia-energy.eu

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