Serbian Transmission Network bought a 10% stake in CGES

Price per share amounted to €0.95 and a total of 14.57 million shares were sold through 197 transactions.

Price of CGES share has risen 9.2%.

Serbian Prime Minister Aleksandar Vucic announced in early December that there was a possibility for EMS to buy 11% of CGES shares.

“EMS buys 11% of CGES or electric transmission network of Montenegro. We have some ideas on this issue,” Vucic said then, adding that Serbia is willing to spread its network in the region.

The State of Montenegro owns a 55% stake in CGES, whereas Italian company Terna owns about 22.09% of the shares.

CGES previously announced that Terna could not negotiate the sale of part of its 22% package without the state of Montenegro being aware of it.

Minority shareholders of CGES own about 23% of the shares. There are about 8,000 minority shareholders. Some of them are hidden behind custodial accounts.

An owner of a 3.71% stake is hidden behind HB omnibus custodial account, whereas Investment Fund Trend owns about 2.8% of CGES shares. An owner of 1.57% shares is hidden behind EC omnibus custodial account. Sig company owns a 1.55% stake. Other shareholders own less than 1% of the shares.

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