Faminas Investment Group, based in Dubai, has put forth a proposal to acquire a 22 percent stake in Barska Plovidba, with plans to invest between €55 million and €60 million. This investment aims to fund the acquisition of two new cargo vessels and the reconstruction of Pier 5 at the Port of Bar.
The proposed transaction remains under negotiation. The ownership structure is sensitive due to the potential for the investor’s shares combined with state holdings to control approximately two-thirds of Barska Plovidba. It is crucial that governance rights are maintained in a manner that is transparent and proportionate, especially considering the influence a minority investor could have on strategic decisions.
Barska Plovidba currently owes the Montenegrin government around €5 million, stemming from state-supported loan payments made to the Export–Import Bank of China for the acquisition of existing vessels. This situation places the government in dual roles as both a shareholder and a creditor.
While the addition of two new ships could enhance operational capacity, merely investing in fleet expansion may not address the company’s broader economic challenges. Factors such as vessel specifications, chartering strategies, fuel efficiency, exposure to freight cycles, and management quality will significantly impact whether these new assets can generate sufficient cash flow for debt servicing.
The planned reconstruction of Pier 5 could strengthen Barska Plovidba’s integration with the cargo strategy at the Port of Bar. The value of this investment would increase if it aligns with railway improvements and secured regional freight contracts rather than relying predominantly on speculative charter markets.
