Serbia’s EMS 10-percent stake in Montenegro’s CGES

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BELGRADE – Serbia’s electric power transmission company Elektromreza Srbije (EMS/EPS) purchased a 10-percent stake in Crnogorski elektroprenosni sistem (CGES) AD at the Montenegro Stock Exchange on Tuesday, acquiring shares worth slightly over EUR 13.8 million, the EMS confirmed to Tanjug.

The EMS paid EUR 13,839,683.36 for 14,568,335 shares of the Montenegrin company.

The purchase will give EMS a seat in the CGES board of directors as well as the right to dividends.

The purchase is also important for Serbia as the EMS has previously never undertaken an expansion outside the country, the EMS said in a statement.

Source: InSerbia News (Montenegro)