January 17 (SeeNews) - Montenegro said it has received a single binding bid in its tender for the sale of a 51% stake in state-owned rail cargo operator Montecargo.
The bid of 2.5 million euro ($2.67 million) was placed by Polish company OT Logistics, according to an announcement posted on the website of the government's privatisation agency on Monday.
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OT Logistics also proposed a 2.55 million euro investment in the acquisition of locomotives and IT solutions, the privatisation agency said.
The Polish company's business plan envisages the strengthening of Montecargo's position in the sector of international transport and logistics by achieving a leadership role on the Baltic - Adriatic corridor, the agency added.
Moreover, OT Logistics plans to increase Montecargo's share of transportation of agriculture products through Montenegrin seaports to 50% as well as doubling the company's total cargo volume.
OT Logistics also pledged to keep Montecargo's current collective labour agreement unchanged for a period of three years.
Montenegro called the tender for the sale of 51% of Montecargo in October. A total of 1,703,458 state-owned shares in Montecargo, with a nominal value of 5.2285 euro each, are up for sale, the privatisation agency said back then.
The majority owner of Montecargo is the Montenegrin government with a stake of 85.4%. Government institutions control a further 2.2%.
In December, the same Polish company placed the sole bid in a tender for the sale of a 30% state-owned stake in Luka Bar, the operator of Montenegro's Bar seaport. OT Logistics proposed 7.1 million euro for the purchase of the stake and a 17.1 million euro three-year investment programme.
OT Logistics bought 2.8 million new shares issued by Croatian port operator Luka Rijeka [ZSE:LKRI-R-A] for 14.8 million euro in July 2015.
($ = 0.936307 euro)