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| News 18.05.2012 - NON-WORKING DAYSDue a national holiday - Independence Day of the Montenegro non-working days on Montenegro Stock Exchange will be Monday 21st and Tuesday, 22nd of May 2012. Wishes you happy holidays, VIP Broker Team 03.05.2012 - Montenegro's bankruptcy administration hopes that Turkey's Toscelik is a good buyer for Niksic-based Toscelik Profile & Sheet Industry, which offered EUR15.1 million for the Niksic-based Ironworks, is one of the leading steel producers in Turkey, which is why the bankruptcy administration hopes that it is a good buyer. After the tender was closed, the Ironworks Bankruptcy Administrator Veselin Perisic said that he hoped that the Ironworks would be lucky in finding a good buyer. 27.04.2012 - NON-WORKING DAYS Due to the celebration of Labor Day, non-working days on the Montenegro Stock Exchange will be the 30th April, 1 and 2 maj 2012th year. Wish you happy holiday, VIP Broker Team 26.04.2012 - Montenegro sells out treasury bills worth EUR2.59 Podgorica, (MINA-BUSINESS) � All treasury bills worth �2.59 million were sold at the third auction organized this year, at the average yield rate of 5.22 percent. The yield rate was higher than at the previous auction, when it amounted to 4.57 percent. 26.04.2012 - Avaz abandons acquisition plant Podgorica, (MINA-BUSINESS) � The business results of Pobjeda have shown that the acquisition of that company is economically unfeasible, even if the Government accepts all requests from the official bid of Avaz-roto press, said the Sarajevo-based company. Avaz says that it informed the Government of Montenegro and the Council for Privatization and Capital Projects that it had abandoned its acquisition plans, even if all items detailed in its bid were accepted. 24.04.2012 - Montenegro's Port of Bar records 9.3 times lower profit in 2011 The Port of Bar finished last year with a net profit of EUR188,130, 9.3 times lower compared with 2010. According to the company's business report, published on the website of the Securities Commission, its total revenues amounted to EUR8.95 million at the end of December, down 20.3 percent on the corresponding period. 24.04.2012 - Montenegro to negotiate with OTP Bank over EUR16.3 million libilities for KAP Montenegro's Ministry of Finance, the OTP Bank and the Aluminium Plant Podgorica (KAP) will start negotiations on the manner of defining the liabilities to the Hungarian creditor, amounting to EUR16.3 million. All rights and obligations of the parties to this arrangement will be defined during the negotiations, the Ministry told Mina-business agency. 19.04.2012 - Turkey's investors interested in Montenegro projects The second meeting of Montenegro-Turkey Joint Commission on Economic Cooperation, which was held in Ankara earlier today, discussed jointly defined priorities in the fields of energy, transport, industry, agriculture, banking and education. As to modalities for more rapid implementation of joint projects, the meeting considered the Turkish Ziraat Bank’s willingness to make investments in Montenegro, opportunities for increasing trade volume and the necessity of encouraging Montenegro’s companies to export to Turkish market. Source: Government of Montenegro 12.04.2012 - NON-WORKING DAYS Due to the upcoming Easter holidays, the Montenegrin capital market will be closed on Friday 12 April and Monday 16 April 2012. Wishes you happy holidays, VIP Broker Team 11.04.2012 - Leading position of Montenegro's Niksicko beer encouraging The American-Canadian company Molson Coors, which took over nine StarBev breweries in central and eastern Europe, including the Niksic-based Trebjesa, is encouraged by the leading position of Niksicko beer in the market. The company says that, despite the complex situation in European economies, it strongly believes that the countries of central and eastern Europe are ready to grow, and that now is a good moment to enter the market. 10.04.2012 - Montenegro's still decides on Neksan's offer for Niksic Bauxite Mines Montenegro's Government has not yet decided on the offer by the Neksan company to take over the Niksic-based Bauxite Mines. The Advisor to Prime Minister Predrag Stamatovic said that the public would be informed soon about the Government's position on the Neksan's offer. 04.04.2012 - Deutsche Bank activates Montenegro's guarantees for KAP's debt Deutsche Bank sent to the Government of Montenegro the formal notification on the activation of guarantees given for the loan granted to the Aluminium Plant Podgorica (KAP). Following KAP’s management refusal to sign the documents related to the arrangement that envisaged the Government’s take-over of the debt, Deutsche Bank has initiated last week the procedures to accelerate the collection of the entire loan from KAP. Since KAP has not discharged this obligation in the requested three-day period, the conditions have been met for the activation of the guarantee. Source: Government of Montenegro 29.03.2012 - Bankruptcy proceedings initiated for Vektra Montenegro Bankruptcy proceedings have been initiated for Vektra Montenegro, a company owned by the businessman Dragan Brkovic. A decision on initiation of bankruptcy proceedings was adopted by the judge of the Commercial Court of Podgorica Miodrag Andjelic, at the proposal of Crnogorska komercijalna banka, i.e. OTP Factoring. 19.03.2012 - Government of Montenegro demands transfer of shares in KAP and RBN Following the statement by Alexey Kuznetsov, Chairman of the Board of Directors of KAP Aluminium Plant, the Government of Montenegro underlines the following facts: The Government of Montenegro has honoured all its obligations defined in the Settlement Agreement, and in particular the provision of electricity subsidies worth EUR 60 million, as well as assuming KAP’s loan on the basis of the government guarantee to the Deutsche Bank. Source: Government of Montenegro 14.03.2012 - Montenegro to protect state and KAP interests If it establishes that there has been abuse related to the loans it provided guarantees for, the Government will use all legal mechanisms available to protect the interests of the state and the Aluminium Plant Podgorica (KAP), said the Prime Minister Igor Luksic. During the Prime Minister s Questions, he said that such a situation would seriously jeopardize Montenegro s credibility in the international financial market. 14.03.2012 - Montenegro signs IPA 2011 Financing Agreement with EU Montenegro's Chief Negotiator for EU accession Aleksandar Pejović and Alexandra Cas Granje, Director for Montenegro, Croatia, FYR Macedonia, Turkey and Iceland at the Directorate General for Enlargement, signed the IPA 2011 Financing Agreement worth EUR 43 million. It consists of EUR 25.5 million in grant aid from the EU and EUR 16.5 million of the Government’s contribution. The Agreement envisages the implementation of 16 projects in a set of areas significant for Montenegro’s EU bid, Chief Negotiator Aleksandar Pejović told the press conference following the signing ceremony. Source: Government of Montenegro 08.03.2012 - Working parties to decide on Kuznetsov`s request Podgorica, (MINA-BUSINESS) - The parliamentary working parties will decide on the request of the CEO of Russia`s En+ Group to explain the situation in the Aluminium Plant Podgorica (KAP) to the MPs, said the Parliament Speaker Ranko Krivokapic. "The KAP issue will continue to be the subject of interest to the parliamentary working parties, which will consider if they want Kuznetsov`s presence or not", Krivokapic told Mina-business agency. 08.03.2012 - Montenegro's economy will not grow in 2012 The IMF said March 6 that Montenegro's economy will not grow in 2012, which represents a reduction compared with last year, when growth was worth around 2.5% of GDP, newswires reported. The announcement comes at the end of the IMF's two-week visit to Montenegro. The mission expressed concern over the increase in the public debt, which has tripled since 2007 and is now 46% percent of GDP. The chief of the IMF's mission for Montenegro, Gervin Bell, said at a news conference in Podgorica that the credit guarantees the state had provided for companies had contributed to the increase in the public debt, and suggested to the government not to allow state aid to companies, any longer. 01.03.2012 - Montenegro's parliament backs government's decision to take over KAP Podgorica, (MINA-BUSINESS) - The Parliament has adopted Government`s decision to take over a EUR 22 million debt of the Aluminium Plant Podgorica (KAP) to the Deutsche Bank. Forty-eight deputies voted in favour of the decision, 13 were against, while 19 of them abstained from voting. The Parliament has also adopted the conclusions jointly proposed by the coalition partners Democratic Party of Socialists (DPS) and the Social Democratic Party (SDP). 01.03.2012 - The rising popularity of Montenegro is attracting investors more and more The rising popularity of Montenegro is attracting investors more and more. Business sphere investments are rather attractive in Montenegro. The most widely spread spheres of investments include construction, real estate, export and import of goods, and tourism. Investments are characterized by high level of cost-effectiveness, especially if to consider the country’s favourable economic climate. What makes Montenegro attractive for investors? Industry in Montenegro: what is the potential for foreign investors? As explained by the leading expert of Masterforex-V Trading Academy Evgeny Olkhovski, current leaders of investment inflow are France and Belgium, which in 2004 suggested the country’s government to enter the EU. The owners of numerous enterprises come from these countries: ■ main industries. The key role is played by mining industry, metallurgy, light industry, agriculture, woodworking, cattle breeding, and tourism. Mining industry specializes in producing plumb, alunimium, zinc, and bauxites. The industries are based on partially updated equipment stock. There are about 50 thousand medium and large enterprises in the country; one tenth of them belongs to foreigners. In general, service sector produces over one half of the country’s GDP, and production – about one third; ■ export and import. Non-ferrous metals, clothes, local wine, and chemical products prevail in the structure of export. Moreover, the country bears the status of off-shore area. There is a lack of oil products, industrial goods, and transport means, which are imported from Germany, Russia, and Italy. 22.02.2012 - Eleven Monetengrin companies for sale Monetengro's Council for Privatization and Capital Projects has adopted a Privatization Plan for this year, envisaging tenders for sale of eleven companies. This year s privatization plan encompasses Pobjeda, Montecargo, Montenegro Airlines, the Container Terminal and General Cargo Company, the Railway Infrastructure Company, the Adriatic Shipyard, Zora, Budvanska and Ulcinjska rivijera, the Institute of Ferrous Metallurgy, and the Electrode Factory Piva. 21.02.2012 - Montenegro Airlines to be privatised in 2012 The Montenegrin government decided yesterday that Montenegro Airlines will be privatised during 2012. It follows a difficult year for the national carrier in 2011. Montenegrin Prime Minister Igor Lukšić said that the airline will be offered to investors through a public tender. Montenegro Airlines has become a costly business to keep running after the government agreed to provide 400.000 Euros to the carrier each month to cover operational costs and write off the airline’s debt to Podgorica and Tivat airports. In order to cover the debt owed to the Serbia and Montenegro Air Services Agency the government has offered them ownership of the Park Hotel in Bijela on the Montenegrin coast. Earlier in 2011, the government wrote off a further 3.2 million Euros in debt and ordered the country’s two international airports to lower its fees to the national carrier. Recently, there has been discontent amongst pilots unhappy with late wages. Unlike its regional rivals, the global economic gloom did not have an effect on Montenegro Airlines in either 2008 or 2009. 17.02.2012 - En+ Group asked Montenegro's government to allow its Kombinat Aluminijuma Podgorica joint venture to En+ Group asked Montenegro's government to allow its Kombinat Aluminijuma Podgorica joint venture to convert debt it owes, including 86 million euros ($113 million) to En+, into equity. En+ "would be prepared to fully convert that debt into KAP's equity if the government agrees to a similar conversion" for other lenders, En+ said Friday. The government and En+ each hold 29.3 percent stakes in the unprofitable Montenegro aluminum producer. 14.02.2012 - Montenegrin Thermal Power Plant Pljevlja operates at 80 percent capacity Montenegrin Thermal Power Plant Pljevlja, which was reconnected to the grid early this morning, operates at 80 percent capacity, and is expected to reach its full capacity during the day, said Elektroprivreda (EPCG). The plant had been out of order since Monday morning, because of a transmission network problem on a 400 kV power line. 14.02.2012 - The value of net foreign direct investments down 25% in Montenegro The value of net foreign direct investments in Montenegro amounted to EUR 361.5m at the end of November 2011, down 24.8% from 2010 according to preliminary data released by the Central Bank of Montenegro and reported by newswires. Foreign direct investments in companies and banks, and investments in real estate amounted to EUR 153.3m and EUR 165.5m, respectively. Source: bne
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