Elektromreža Srbije EMS has confirmed to CdM that in Montenegroberza (MNE stock exchange market) it bought another 5% of shares of the Montenegrin Electricity Transmission System CGES. The transaction, of which Montenegrin people were informed through Serbian media, was worth nearly seven million euros.
https://www.cdm.me/english/serbias-ems-bought-another-5-of-cges-shares-for-e7m/
EMS explains that the transaction was made on the free market and that with these shares bought from minority shareowners now they are in possession of a total of 15%.
When asked whether they plan to increase their ownership share and invest in the Montenegrin energy company, EMS have said that they do not want to disclose information prematurely but will do so when they determine specific and confirmed decisions.
“EMS is carefully monitoring the situation and acts accordingly. As far as in 2015, with the purchase of ten percent of CGES shares, EMS became the property holder of this company, which gave us a place in the Board of Directors, as well as the right to a dividend. With the purchase of this additional package of shares, the participation in the dividend increased,” EMS have announced.
The ownership structure of CGES is made of 55% shares owned by the state, and 22% of shares of the Italian Terna, which carried out the investment in the submarine cable.
