Starting today, KAP officially taken over by Cyprus-based company

The largest Montenegrin company, the Aluminum Plant Podgorica (KAP), has officially become the ownership of the company “Salamon Enterprises” from Cyprus. The new president of KAP’s Board of Directors, Jakov Ickov, announced that the company would ascent and promised better salaries to employees. Ickov refused to reveal details from the sales contract, but he sent word to the workers in KAP that the situation would not be any worse than before. He said that an agreement about the reprogramming of the debt was reached with creditors, which enabled the taking over of KAP and the start of the realization of established plans. Ickov confirmed that the new owners of KAP were contemplating the option of taking over the remaining number of stocks of Niksic’s Bauxite Mine and stated that they were negotiating with Kosovo’s authorities and Kfor about the lease of the thermal power plant in Obilic. They are also contemplating the construction of a power plant for the needs of aluminum production because they believe that that would significantly decrease their expenses. (Tanjug)