September 30, 2009 / 3:01 PM / 10 years ago

A2A pays 101 mln EUR for 10 pct of Montenegro EPCG

PODGORICA, Sept 30 (Reuters) - Italy’s A2A (A2.MI) bought from small shareholders on Wednesday a 10 percent stake in Montenegro’s power company Elektroprivreda Crne Gore for 101 million euros, boosting its ownership in EPCG to 43.7 percent.

A2A paid 8.4 euros per share — the same price it paid earlier this year to the government for its stake in EPCG.

“They paid 101 million euros for more than 12 million shares or around 10.5 percent in EPCG,” a senior source familiar with the transaction told Reuters. “They bought shares from small shareholders, so they now hold 43.7 percent of the company.”

The transactions were conducted at the NEX stock exchange.

A2A had won a tender to buy 18.3 percent stake, beating a higher bid from Greece’s Public Power Corporation (DEHr.AT).

The Italian company has already paid the government of Montenegro 96 million euros for its 9.15 percent stake in EPCG. The power company gets as much for another 9.15 percent equity through a new share issue.

Back in June, it got a seat on EPCG’s managing board, a month after buying a 17.4 percent stake with several block trades on the Montenegro bourse for more than 123 million euros. “Following those transactions, the government is left with a 55 percent stake and the remaining shares are still owned by some small shareholders,” the source added.

Italian investors pledged in June to invest up to 5 billion euros in energy projects and infrastructure in Montenegro, including the construction of a 100-kilometre underwater power cable between the two countries with an initial capacity of 1,000 MW. Montenegro will get a 20 percent share in the cable. (Reporting by Petar Komnenic; Writing by Gordana Filipovic; Editing by Elaine Hardcastle)

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