Montenegro Is Selling Majority Stake in Adriatic Shipyard

The Montenegro Government will sell a majority stake in its “Adriatic Shipyard” AD Bijela.

Invitation for participation in the international public tender for the sale of 61.5749% of the joint stock company Adriatic Shipyard was published on 21 January 2014.

The tender process will be conducted in two stages. The first stage involves determining the fulfillment of the eligibility criteria, followed by the second phase which will be completed in mid-April 2014, in which the participants in the tender have the right to submit proposals in line with the tender’s rules.

The terms of the tender define the following minimum requirements for future investments:

• Investment programme of EUR 15 million minimum in assets, with the aim of starting and developing business in repairing yachts and mega yachts for a three-year period. The investment should include: facilities for repair and maintenance of yachts including: a synchro/yacht/ship lift, 500 net tons minimum; a travel lift, 500 tons capacity minimum; a paint shed with specialised fans and air control; a new floating dock or renovating of the existing one for the purpose of repairing and refitting yachts.
• Submission of a business and development plan for yachts and mega yachts repair for a three-year period.
• Submission of the bidder’s statement on unconditional acceptance of obligations for meeting the EU environmental standards and Montenegro’s applicable regulations, for a maximum of 18 months from the signing of the sale of share agreement.

Based on preliminary expressed interest, it is expected that prospective investors will meet the qualification criteria in the first stage of the tender. Following the conducted due diligence in the second phase of the tender, they should submit binding bids, in accordance with the requirements, thus creating conditions for successful privatisation of the company.

[mappress]
gov.me, January 22, 2014