Montenegro's privatization council launched a tender for the sale of a 51% state-owned stake in rail cargo operator Montecargo with a face value of 8.9 million euro. The deadline for the submission of bids is December 8th. Privatization council published on its website a numbers: a total of 1,703,458 state-owned shares in Montecargo, with a nominal value of 5.2285 euro each are up for sale. 

The majority owner of Montecargo is the Montenegrin government with a stake of 85.4%. The bidder has the opportunity to later acquire the remaining state-owned shares in Montecargo via recapitalization, subject to achieved results. The selected investor may be entitled after 3 years to obtain new shares in the company in the amount equivalent to the fulfilled obligations under the investment plan through recapitalization, provided that the performance indicators related to investment commitments and social obligations laid down in the contract are unequivocally fulfilled. The face value of Montecargo's total registered capital is 17.5 million euro. Montecargo turned to a net profit of 53,717 euro in 2015 from a revised net loss of 1.9 million euro a year earlier.

Source: seenews