Bar, Montenegro (PortSEurope) April 26, 2017 – Polish company OT Logistics said the decision of the Montenegrin government to cancel the tender for the sale of Bar port operator, Luka Bar, and rail freight firm Montecargo, was incomprehensible for in view of the development of the tender procedure to date as well as the successfully completed negotiations.
“The decision of the new government of Montenegro is a surprise to us, especially in the context of full transparency of the privatisation process. Negotiations have been successfully completed in March and we had not received any signals as to a possibility of cancelling the tender,” OT Logistics CEO Zbigniew Nowik commented.
OT Logistics completed negotiations with the government of Montenegro on purchasing stakes in the port of Bar and in Montecargo at end-March. According to the terms of the agreement, OT Logistics was to purchase a 30% stake in Luka Bar for €8.52 million ($9.26 million) as well as 51% in Montecargo for €2.5 million.
($ = €0.919691)
Source: OT Logistics
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