The Electric Power Company of Montenegro (EPCG) has announced the decision to initiate the procedure of voluntary public offer to take over the Pljevlja Coal Mine.
It will purchase about 5.06 million shares of Coal Mine, which will be sold at the price the fair market value of which was assessed by the Deloitte audit agency, a consultant for this procedure. It estimated Coal Mine’s value at €6.4 per share.
At a meeting held on Wednesday, EPCG shareholders adopted the decision on launching a voluntary public offer to take over the Coal Mine. Representatives of the major shareholders – the state, A2A and Aco Djukanovic – abstained from voting due to possible conflict of interest.
Italian A2A company owns 39.49% shares in the Coal Mine, the state owns 31.11%, and Aco Djukanovic 11.84%. An owner of 1.85% shares is hidden behind the CK collective custody account, whereas Radoslav Tomic has 1.1% of the shares.
