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Privatisation and Capital Projects Council holds its third session

Published on: Dec 29, 2022 • 2:30 PM Author: Public Relations Service of the Government of Montenegro

The Privatisation and Capital Projects Council held its third session today, chaired by Prime Minister Dritan Abazović. The Council passed the Draft Decision on the Privatisation Plan for 2023. The plan sets out the goals and methods of privatisation, as well as a list of enterprises and capital for privatisation. The main goal of privatisation is to increase the competitiveness and efficiency of companies, encourage foreign investment and entrepreneurship in all areas, increase employment and improve living standards.

It is planned to continue the procedure for the privatisation of the Institute "Dr Simo Milošević" LLC Igalo (sale of shares). The privatisation procedure will continue in accordance with the ruling of the Administrative Court.

Furthermore, it is planned to start the preparation and implementation of public tenders for the privatisation of the following companies:

  • HG "Budvanska rivijera" JSC Budva (sale of shares),
  • "Castello Montenegro" JSC Pljevlja (sale of shares),
  • "Insitut za crnu metalurgiju/Ferrous Metallurgy Institute" JSC Nikšić (sale of shares and/or recapitalization),
  • "Montepranzo Bokaprodukt" JSC Tivat (sale of shares) and
  • "TC Durmitor" LLC Žabljak (sale of 100% shares).

The Council emphasised that the listed companies have very valuable state assets that have not been used in an appropriate way in terms of creating new value, making profits, raising the quality of products and services, creating new jobs, which was the main reason for proposing their privatisation. In this context, it was especially emphasised that precise tender conditions and criteria will be determined for each company individually.

The sale of following companies' shares through the stock exchange is envisaged:

  • JSC "Agrotransport" – Podgorica;
  • "Kotor - projekt" JSC – Kotor;
  • JSC "Metal produkt" – Podgorica;
  • JSC "Montenegroturist" – Budva and
  • "Crnagoracoop" JSC – Danilovgrad.

The privatisation plan will be submitted to the Cabinet for consideration and adoption.

Sjednica Savjeta za privatizaciju i kapitalne projekte (29.12.2022.)

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