On January 12, 2021, following the decision of the Government of the Republic of Serbia, the joint stock company “Elekrtomreža Srbije” bought an additional five percent of shares of the Montenegrin transmission system operator Montenegrin Electric Transmission System J.S.C. (CGES) on the Montenegro Stock Exchange. EMS AD has thus become the owner of a total of 15 percent of the CGES shares. For purchasing 7,288,197 shares at an average price of 0.9493 euros (rounded to four decimal places) per share EMS AD had to pay 6,918,738 euros. This trade was made with small shareholders.
Just to remind that EMS AD became one of the CGES shareholder in December 2015 after having bought 10.0141 percent of shares. In economic and business terms, this purchase of additional shares of the company Crnogorski elektroprenosni sistem AD makes a justified investment in a successful company that performs the same activities as our company, and whose revenues, profits and assets show a tendency to grow. EMS AD is entitled to a pro rate dividend amount, expecting to yield a financial gain.
EMS AD is intensively conducting investment activities on the territory of the Republic of Serbia and at the same time working on strengthening its transmission interconnection capacities. On the territory of the Republic of Serbia, our company is actively building a strategically important project, the Trans-Balkan Corridor for Electricity Transmission, and a submarine cable between Montenegro and Italy, which is an integral part of that corridor, has been laid and put into operation. The purchase of an additional package of shares is part of EMS’ strategic commitment to actively participate in strengthening the pan-European connectivity of the Eastern and Western bloc countries, as well as in creating and strengthening the base for the development of the European electricity market. And, by doing so, EMS strengthens its position as a regional leader.