October 19, 2016

Montenegro to sell 51% stake in Montecargo

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MONTENEGRO’s privatisation council launched a tender on October 19 for the sale of a 51% stake in rail freight operator Montecargo.

The privatisation involves the sale of 1,703,458 shares with a nominal value of €5.2285 each. A deadline of December 8 has been set for the submission of bids.

Formed in June 2009 following the break-up of Montenegrin Railways into operating and infrastructure companies, Montecargo is 87.6%-owned by the Montenegrin government, with private investors holding the remaining stock.

The government is planning to dispose of its entire stake in Montecargo and the successful bidder will be given an opportunity at a later stage to acquire the remaining publically-owned shares.

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