Visit-Montenegro.com: They will correct the mistake

Podgorica (MINA-BUSINESS) - Agency of Montenegro for Economic Restructuring and Foreign Investments will announce modified tender for selling 60.73 percent stake in HTP “Ulcinjska Rivijera” due to incorrect information on the capital structure and capital ownership, which is stated in the yesterday’s article published in Daily “Vijesti”.

It is announced in the Agency that the mistake occurred on the tender launched on Monday because information from the Central Depository Agency (CDA) was not updated.

- Information on the structure and ownership, as well as nominal value of registered capital and share nominal value were taken from the statement of account from CDA obtained on the date when the decision to sell shares by means of public tender was made – it is explained in the agency.

According to them, the General Shareholders Assembly of the company adopted the decision on share capital decrease on 24th April last year but CDA hasn’t updated the information since “Ulcinjska Rivijera” hasn’t settled their debts.

- A couple of days before the public invitation was announced, “Ulcinjska Rivijera” paid off the debt to CDA, after which the information regarding this company was updated – the Agency made it clear.

As they added, the Central Depository Agency informed neither the Tender Commission nor the Agency of Montenegro for Economic Restructuring and Foreign Investments or the privatization advisor about share capital decrease in the Ulcinj-based company.

- Based on subsequently submitted documents, the Tender Commission for Tourism made changes to the public invitation in the part which refers to shareholders structure of the company and hence, the corrected version of public invitation will be announced by the media in due time – it is concluded in the Agency.

In the cancelled tender, it is said that the total share capital amounting to EUR 81.53 million was divided into 1.59 million shares, despite the fact that there was a share capital decrease of EUR 20 million so that the total share capital should amount to EUR 62 million approximately.

In this controversial tender it is also stated incorrectly that the share nominal value was EUR 51.13 per share, while the latest information is that the nominal value per share is EUR 39.5.