Tuesday, February 24, 2009

Montenegro Asks Abu Dhabi Mar To Elaborate on Its Bid for Bijela Shipyard by Feb 10

PODGORICA (Montenegro), January 21 (SeeNews) - Montenegro has asked Abu Dhabi Mar, the sole candidate to buy 61.57% of its biggest ship repairer Jadransko Brodogradiliste Bijela, to elaborate on its bid by February 10, Podgorica-based Vijesti daily reported on Wednesday.

Abu Dhabi Mar has offered to pay 4.0 million euro for the majority stake and to invest at least a further 22 million euro, Vijesti reported.
Should Abu Dhabi Mar (www.abudhabimar.com) fail to elaborate on its business and social plans for the shipyard it wants to acquire, their offer will be rejected, which would also mean a failure of Montenegro’s third attempt to sell it, Vijesti said.

Officials from the government's asset-selling agency were unavailable to comment.
Montenegro opened the tender for the shipyard in November after its second attempt to sell Bijela failed in June when the first-ranked bidder, a consortium comprising Channel Islands-registered C&S.I and Mercury Distribution, and the second-ranked bidder, a consortium of Russian mine sweeper repairer Avangard Shipyard and Avangard Bank, both withdrew from the sale talks.

C&S.I and Mercury Distribution withdrew due to an ongoing litigation against the Montenegrin shipyard by Greek company Zambounis, launched after a Zambounis tanker partly sank in the Montenegrin port of Bijela while awaiting repairs. The privatisation agency did not say why the second-ranked bidder had quit the talks.
C&S.I and Mercury Distribution had offered to pay 7.1 million euro ($9.3 million) for the majority stake and to invest a further 40 million euro in the shipyard. Avangard had offered to pay 4.0 million euro for the stake and to invest a further 30 million euro.

Jadransko Brodogradiliste (www.asybijela.com), set up in 1927, is located in the Adriatic town of Bijela. It is completely equipped for repairing and reconstructing ships and other vessels, of all types and for all purposes, of up to 120,000 deadweight tonnes. It has two floating docks of 250 metres and 184 metres in length, respectively, and an operating wharf of 1,120 metres.

The remaining stake of 38.43% in the shipyard is in the hands of minority shareholders.

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