The press office of the company published a statement in that respect: "The decision of the new government of Montenegro is a surprise to the OT Logistics Group, especially in the context of full transparency of the privatisation process. Negotiations have been successfully completed in March."

 

The statement also provides as follows:  "The Privatization Council informed about its decision during a press conference on Monday.  The Council’s intention to cancel the tenders is completely incomprehensible for OT Logistics in view of the development of the tender procedure to date as well as the successfully completed negotiations.  Any additional information will be provided upon the firm’s inquiry into the matter and after receiving a justification of the decision from the Montenegrin authorities."

 

And further on: "OT Logistics completed negotiations with the government of Montenegro on purchasing stakes in the port of Bar and in AD Montecargo at end-March. According to the terms of the agreement, OT Logistics was to purchase a 30% stake in Luka AD Bar for EUR 8.52 million as well as 51% in AD Montecargo for EUR 2.5 million.  The company additionally shouldered the obligation to conduct investment and modernization programs worth a total of ca. EUR 17.45 million in both firms." 

 

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