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NewsPrivatization will increase the competitiveness and efficiency of companies, encourage foreign investment

Privatization will increase the competitiveness and efficiency of companies, encourage foreign investment

Next year, the government plans to continue the privatization of the Simo Milošević Institute from Igalo, in accordance with the ruling of the Administrative Court, as well as to sell shares in Budva Riviera and several other smaller state-owned companies, this is stated in the Proposal for the Privatization Plan for 2023, which was adopted by Council for Privatization and Capital Projects.

The main goal of privatization is to increase the competitiveness and efficiency of the functioning of companies, encourage foreign investment and entrepreneurship in all areas, increase employment and improve the standard of living. According to the model of the sale of shares and property through a public tender, the continuation of the procedure for the privatization of the “Dr. Simo Milošević” Igalo Institute (sale of shares) is planned, which will be continued in accordance with the ruling of the Administrative Court,” the announcement stated.
The start of preparation and execution of public tenders for the privatization of HG “Budvanska Riviera” (sale of shares), “Castello Montenegro” Pljevlja (sale of shares), Institute of Ferrous Metallurgy Nikšić (sale of shares and/or recapitalization), “Montepranzo Bokaprodukt” Tivat ( sale of shares) and “Tourist Center Durmitor” DOO Žabljak (sale of 100% shares).

“In the discussion, it was emphasized that the mentioned companies have very valuable state assets that have not been used in an appropriate way in terms of creating new value, making profits, raising the quality of products and services, creating new jobs and the like, which was the main motive to propose their privatization. In this context, it was especially emphasized that in the continuation of the procedure, precise tender conditions and criteria will be established for each company individually, which will ensure the realization of social and economic interests that are defined by the pre-set goals of privatization,” the announcement stated.

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According to the model of selling shares on the Stock Exchange, it is planned to sell shares in companies where the state is not the majority owner – “Agrotransport” Podgorica, “Kotor – project”, “Metal produkt” Podgorica, “Montenegroturist” Budva and “Crnagoracoop” Danilovgrad.

The privatization plan will be submitted to the Government for consideration and adoption, local media reports.

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