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Montenegro, The shareholders of energy company EPCG will consider a loan from the EBRD for the construction of the wind farm Grozd

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The Board of Directors of Elektropivreda Montenegro will discuss at the next Shareholders’ Meeting the approval of the loan agreement with the European Bank for Reconstruction and Development (EBRD) worth EUR 82 million, for the financing of the wind power project Gvozd.

This can be seen in the document on the amended agenda of the extraordinary Assembly scheduled for December 23, which was published on the company’s website. At the session, as indicated, the shareholders should approve annex 3 of the contract between EPCG and Ivcom Holding for the purposes of the realization of the Gvozd project.

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In addition, the session will also discuss the reduction of the company’s basic capital, based on the cancellation of its own shares.

In the document, it can be seen that the basic capital of EPCG in the amount of EUR 769.93 million is reduced by EUR 55.22 million, based on the cancellation of 8.47 million own shares with a nominal value of EUR 6.5 per share.

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Those shares acquired on September 26, 2019, by decision of the Shareholders’ Assembly of September 3 of the same year.

After the reduction, the basic capital of EPCG will amount to EUR 714.7 million.

The change in the basic capital of EPCG will be carried out by corresponding changes in Articles 46 and 47 of the Company’s Statute.

Also, the shareholders will consider the Proposal for a decision on amendments to the EPCG Statute and determining its refined text, local media reports.

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