Montenegro planning joint sale to Port of Bar and Montecargo to Polish company – OT Logistics sole potential purchaser of both companies

Negotiations with the Polish company OT Logistics, the only one to submit a bid for the purchase of the Port of Bar and Montecargo, should start on February 13 or 14, reported the president of the tender commission, Branko Vujovic.

He said that it was important for the government to have a single bidder, that is, investor, for both the Port of Bar and Montecargo. Vujovic explained that it would not be acceptable for the Montenegrin side for the transaction to be agreed for one company only.

– These two companies together are seen as a project of importance for Montenegro. We will see how negotiations with the Port of Bar will progress and continue with negotiations about Montecargo accordingly. We will also see if the two could be carried out simultaneously, but for us, the most important thing is to have a complete project – Vujovic assessed.

The Polish company proposed EUR 7.1 million for a 30% stake in the Port of Bar in the bid submitted on December 22, as well as a three-year investment program worth EUR 17.1 million. The business plan envision increasing the amount of reloading by 70% in the first year, whereas the amount is supposed to increase three times after three years, and the Port of Bar should be positioned in new international markets, especially the Central European market and the North-South and Middle-Far East corridors.

The Polish company offered to keep the current 412 workers in the next three years.

OT Logistics also offered EUR 2.5 million for a 51% stake in Montecargo at the tender which expired on January 16. The business plan envisions a considerable strengthening of the company's position in the international transport and logistics sector through acquiring the leading position on the Baltic-Adriatic corridor by increasing the market share up to 50% in the market of reloading agricultural cargo in sea ports, as well as by doubling cargo transport of Montecargo.

Investment plans for three years amount to EUR 3.5 million, with EUR 900 thousand for each next year up till 2025. Vujovic explained that the sum didn't include EUR 7 million for lease-purchase of train cars.

OT Logistics S.A. Poljska

Luka Bar a.d. Crna Gora

Montecargo ad Podgorica

Vlada Crne Gore

Montecargo

Branko Vujovic

privatization of Port of Bar

sale of Port of Bar

privatization of Montecargo

sale of Montecargo