EPCG buys own shares from Italian company for EUR 52.9 million

Electric Power Company of Montenegro (EPCG) has bought more than EUR 52.86 million of its shares from the Italian company A2A.

Transaction was published at the Montenegrin Stock Exchange and it included the purchase of 11,813,238 shares at the price of EUR 4.475, CDM reports.

The first tranche is part of the call option which envisages A2A’s abandonment of state ownership.

Termination of partnership with A2A was initiated on July 1, 2017. The call option envisages that A2A should be paid in 4 installments and that all its shares in the EPCG should be bought at price of EUR 230.6 million.

The first installment (EUR 68.9 million) was paid by the state in May 2018. Montenegro purchased the second package of shares in April this year (EUR 39,923,744).

Elektroprivreda Crne Gore ad Nikšić

Montenegroberza a.d. Podgorica

A2A Spa Italy

Elektroprivreda Crne Gore

EPCG

Montenegrin Stock Exchange

A2A

purchase of EPCG shares

sale of EPCG shares