President of EPCG’s Board of Directors Srdjan Kovacevic, members are Hrapovic, Canovic…

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At the constitutive meeting of the Board of Directors of the Electric Power Company of Montenegro (EPCG) Srdjan Kovacevic has been elected as the board president.

The extraordinary general meeting of the company’s shareholders has also been held. The shareholders resolved previous and appointed new members of the Board of Directors. In addition to president Kovacevic, other members are: Ranko Milovic, Miodrag Canovic, Kenan Hrapovic, Andrea Crenna, Francesco Becchelli and Oreste Bramanti.

A decision on the readiness to issue corporate guarantees by the company EPCG in favour of the entities financing the project of the Thermal power Plant (TE) Pljevlja second block construction has also been adopted at the meeting.

The shareholders’ assembly confirmed the readiness of the company to issue an irrevocable and unconditional corporate guarantee for the full amount of the loan and for full period of financing the TE second block construction in favour of the entities financing the project, ie the Czech Export Bank, the Corporation for Export Guarantees and Insurance and Commercial Banks and/or any other bank or financial institution that is chosen for financing the project.

“The corporate guarantee is valid if the final transaction documentation is agreed between the company and financier and if the final investment decision regarding the approval and implementation of the project is adopted by the shareholders assembly. In the meantime, a new shareholder agreement between the state of Montenegro and the A2A company is necessary to be signed and come into force”, EPCG stated.

The shareholders authorised the project working team and the company’s management to agree on the parameters of the loan commitment that the company’s shareholders will decide about, after the Board of Directors verifies them.

Previously the shareholders assembly was informed that the Board of Directors, at the proposal of the management, had decided to withdraw making decisions relating to the establishment of the limited liability company Montenegrin Power Distribution System Podgorica (CEDIS) from the agenda.

“Management of the company, along with the Steering Committee, will remove the formal shortcomings from the material as soon as possible and will submit it to the board and the shareholders assembly of the company for the final approval”, EPCG said.

Source: Cafe Del Montenegro