Port "Bar" to be divided into seven enterprises

(Port "Bar")

- Port "Bar" will be restructured through forming of two stock companies and five related - the Tender commission for privatization of Bar-based company decided.

According to Podgorica's newspaper "Vijesti", Port "Bar" will be divided into stock companies "Kontejnerski terminali i generalni tereti" (Container Terminals and General Freights) and "Tečni i rasuti tereti" (Liquid and Dispersed Freights) and five related companies. Following that division, Port "Bar" will be closed and erased from the Central Registry of the Court of Commerce.

By forming two independent companies, stockholders will not lose practically anything because they will get the same percentage of stocks in new companies. The share of the state in newly formed independent companies will amount to 54.05%, the same as in Port "Bar". The sum of nominal values of stocks of new companies will amount to 2.36 EUR, which is also the nominal value of stocks of Port "Bar".

Legal heir of Port "Bar" will be company "Tečni i rasuti tereti", which will also inherit annual concession for port infrastructure.

Port "Bar", as a public company, exists since 1906, and it was transformed into stock company at the end of February 1999. The whole restructuring process should be finished within next 45 days, while tenders for privatization may be announced in September. Two stock companies and five companies with limited liability will be connected by four-year contracts on provision of services.

Port "Bar" registered 3.53m EUR worth of losses in 2008, while the incomes amounted to 22.31m EUR. The Port wrote off 1.79m EUR worth of disputable claims, advanced payments and long-term financial investments last year, and ended the business year with 6.9m EUR worth of unpaid services.

The Management of Port "Bar", Government and trade union agreed last year on severance pays for surplus manpower in amount of 1,000 EUR per year of work, with additional payment of 24 average salaries in the company. The Management estimates that 452 workers, that is, 32.3% of total manpower, should become surplus manpower, which would cost the company about 15m EUR.

Izvršni direktor Luke "Bar" Slobo Pajović smatra da kompanija može bez problema da obezbedi taj novac, prodajom imovine.