8 May 2017

OT Logistics S.A. ready to continue cooperation with the Government of Montenegro regarding the development of the Port of Bar

OT Logistics S.A. received an official notification from the competent authorities of Montenegro on the decision of the Council for Privatization and Capital Projects to cancel the tenders for the sale of shares in companies Luka Bar AD and AD Montecargo. OT Logistics believes that its bid is fully in line with the objectives, criteria and conditions of the tender and has therefore submitted a complaint to the Council, in which the Company expressed its readiness to resume talks with the Government regarding the development of the Port of Bar.

OT Logistics is surprised by the decision of the Privatization Council, particularly given the recently concluded negotiations with the Tender Commission, wherein OT Logistics has accepted the requirements of the Tender Commission and Trade Unions. The companybelieves that its bid corresponds to all the objectives, criteria and conditions outlined in the tender documentation, and has therefore submitted a formal complaint to the representatives of Montenegrin authorities.

“The Bid to participate in tenders for the privatization of the companies Luka Bar AD and AD Montecargo has been prepared thoroughly and carefully, on the basis of financial and legal due diligence of both companies whose further development is to be accelerated through privatization. We believe that our Bid is fully aligned with the objectives, criteria and conditions of the tender, which has been confirmed by Tender Documentation and Tender Commission for Privatization”, said the vice president of OT Logistics, Mr. Piotr Ambrozowicz.

We believe that Montenegrin authorities   are ready for cooperation and partnership with investors from the European Union, and therefore we are ready to resume talks with the Government of Montenegro in order to jointly find effective solutions for the development of the potential of the Port of Bar in the interest of the State of Montenegro, its citizens , the local community, workers of Luka Bar and minority shareholders.

“OT Logistics hopes to be a part of developing the Port of Bar as well as AD Montecargo,” vice president Piotr Ambrozowicz said. ”We believe that the OTL Group potential and the planned investment program can produce synergies which will benefit the Port of Bar, railway cargo shipments and the entire Montenegrin economy.”

To remind, OT Logistics in late March concluded negotiations with the Government on the purchase of shares in the companies Luka Bar AD and AD Montekargo. Once completed negotiations, OT Logistics has offered 8.52 million euros for 30% of the shares of Luka Bar AD and 2.5 million euros for 51% of AD Montekargo. The company has committed to implement investment programs in both companies with a total value of 17.45 million euros, to keep all employees and to respect all the items of existing collective agreements, which include, among other things, an increase in the minimum wage.

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