A2A, the Italian utility company, ended the process of selling its 41.75% stake in the Montenegrin energy company Elektroprivreda Crne Gore. The Parliament of Montenegro adopted the Contract on the Execution of the Put Option between Montenegro and A2A.
The Government of Montenegro paid mid-May the first tranche of 68.9 million euros and thus bought 17.252.885 shares in the EPCG. The contract with the Government expired in 2015, and a new contract was introduced in 2016 which allowed A2A to quit EPCG with the condition that the Government has the right to a priority purchase of its shares for EUR 250 million, paid over a period of seven years. In accordance with the Agreement, the amount is discounted from 250 million euros to 230.6 million euros. The state, with 57.01 percent of EPCG's ownership, now has 76.88 percent, virtually returning its ownership stake in the company to the level before the partial privatisation and recapitalisation of 2009.
Company name: A2A S.p.A.
Company website: www.a2a.eu