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The growth of the index and million turnover, due to the purchase of shares of Luka Bar, marked the week on the Montenegro Stock Exchange in which it was agreed that Elektroprivreda (EPCG) would buy Željezara from the Turkish company Tosyali.
The value indicator of the ten best companies MNSE10 strengthened by 2.1% to 911.11 points, and MONEX by 1.4% to 12,808.18 points.
Turnover, realized through 241 transactions, amounted to EUR 8.26 million and was 33% lower than last week. The largest share of turnover was held by the shares of Luka Bar.
On Friday, the state bought around nine million shares of Luka Bar on the Montenegro Stock Exchange for a total of EUR 8.18 million. A total of 217 transactions were completed, which were concluded at the dominant price of 90 cents.
With that transaction, the state increased its ownership in the Port of Bar from 54% to almost 70%. The total realization is 86.84%, while 13.16% of the purchase order remained unrealized.
At its session on Thursday, the government adopted information about its intention to buy out part of the shares owned by the minority shareholders of Luka Bar. The government has given consent to buy a maximum of 10.46 million shares on the Montenegro Stock Exchange, at a maximum price of 90 cents.
According to information from the Mina-business agency, the buyer, i.e. the state, still has 1.38 million shares left, which he should buy in the following days, most likely on Monday, when brokers contact clients and inform them that if they want to lower the price from one EUR to 90 cents.
The Ministry of Finance assessed that the purchase of additional shares of the Port of Bar is an investment of vital national interest and added that the Government’s intention is to increase the ownership share to valorize the company’s potential in order to become an essential hub of the logistics system in the region of Southeast Europe.
The Democratic Party of Socialists (DPS) warned that there is no decision for the state to buy the shares of Luka Bar, because the Government has adopted information about the intention to buy part of the shares of the Bar company.
He added that a tender was not conducted for hiring a brokerage house that will do that work.
Representatives of the Ministry of Finance explained that the Administration for Cadastre and State Property, on behalf of the Government, initiated the process of hiring a broker on behalf of the state, who will mediate on the Montenegro Stock Exchange in the purchase of the share capital of the Luka Bar company.
The week was also marked by the news that EPCG will buy Željezara from the Turkish company Tosyali, and that the purchase agreement should be signed in Nikšić on December 20.
Prime Minister Dritan Abazvić said that a major problem of Nikšić and Montenegro was solved and that the Ironworks was returned to state ownership.
The chairman of the board of directors of EPCG, Milutin Đukanović, announced that the company should pay EUR 20 million for the property of the Ironworks by February 15 in two transactions, after which it will become its 100% owner.
He announced that EPCG will form its own company, a daughter company, which will be called Željezara Solar Nikšić, and that it will not deal with steel production, but with some other activities, highlighting the solar industry in the foreground.
– A technological center is planned, which would support the solar industry. Nikšić and Montenegro itself will become a leader in the solar industry. We hope to build a business plan to assemble solar panels in Nikšić – said Đukanović.
He added that all 229 workers who were dismissed from the Ironworks will continue to work in the new company in other positions.
Shares of EPCG increased by almost five percent on the Montenegro Stock Exchange this week to EUR 3.25, and shares of Plantaž grew by 4.9% to 22 cents.
At its session on Thursday, the government decided to pay Plantaža EUR 1.5 million from the current budget reserve for the repair of damage caused by natural disasters.
The government adopted information on the need to support Plantaže, which states that the storm that hit Podgorica and the municipality of Tuzi on June 23 caused multimillion-dollar damage to the company. The Government said that the total amount of damage caused to the company’s perennial crops in this year and the next is estimated at almost EUR 8 million.
On the Montenegro Stock Exchange, the shares of Crnogorski Telekom and Crnogorski elektroprenosno systema also recorded gains this week, up 1.7% to EUR 1.75, or slightly to 92.74 cents, while Zetatrans shares remained at last week’s 95.1 cents.
The shares of Jugopetrol, Centrojadran and Marine Bar were also traded, which on Friday cost EUR 12.5, that is, EUR 4 and EUR 2. Business logistics center Morača ended the week at 3.15 EUR, Port of Adria at 8.91 cents, and Napredak Kotor at 3.6 cents.
This week, the Ministry of Capital Investments announced that an additional 6 million EUR has been secured for the continuation of the Bar-Boljare highway project.
The government department explained that the money was secured after several months of intensive communication with the European Bank for Reconstruction and Development, the EU Delegation in Montenegro and the European Commission, and carefully prepared project applications.
– We secured an additional 6 million EUR for the Mateševo - Andrijevica, Smokovac – Farmaci road section, for the continuation of the Bar – Boljare highway project, as a symbol of support for the European perspective of Montenegro – the Ministry stated.
Sedimac also recorded the information that at the summit of the EU and the Western Balkans in Tirana, telecom operators from the EU and the Western Balkans signed a declaration on roaming, which enables the reduction of prices from October 1 of the following year.
This practically means that every telecom operator from the EU and the region, which is a signatory of the declaration, will consider the introduction of tariff plans and the possibility of lower retail prices for its roaming users in other mobile networks, while the first significant reductions in the prices of roaming data services will take place on effective October 1 of the following year, local media writes.
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