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Luka Bar, Montenegro, Sells Hotel Sidro Asset

Luka Bar, Montenegro, sells Hotel Sidro asset

Luka Bar, Montenegro, Sells Hotel Sidro Asset

Bar, Montenegro (PortSEurope) November 7, 2019 – The port of Bar, operated by Luka Bar, has signed a contract for the sale of its 100% stake in LLC “Hotel Sidro” with MI “Goranovic” LLC Niksic. The contract was signed by the Executive Director of “Luka Bar” AD, Vladan Vučelić and the Executive Director of MI “Goranović” LLC, Đorđije Goranović.

The purchase price is €1.777 million The decision to sell the stake was made because the business was consistently loss-making and having an adverse affect on the port’s performance as a whole.

The proceeds from the sale will be invested in technical equipment of port terminals, primarily port machinery, all with the aim of improving the existing level of operability, increasing the volume of transshipments and improving the competitiveness of the Port Bar.

Source: Luka Bar

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