Montenegro’s Elektroprivreda to buy back shares from Italy’s A2A for $60 mln

Montenegro-based power utility Elektroprivreda Crne Gore (EPCG) plans to propose to its shareholders to repurchase 13 million own shares from Italian utility A2A for 51.66 million euros ($60 million).

The repurchase of the shares will be carried out at a price of $4.6 apiece through a block deal. The deadline for the buyback of the shares is 30 days after the approval of the transaction by the shareholders' meeting of EPCG, which will be carried out on August 20.

In April, the company said that it decided to change its acquisition plans and up its stake by 13.15 percent this month, as it adopted a draft contract on the execution of the put option.

Under the deal, the Montenegrin government will pay $46.7 million to purchase 8 million shares in EPCG from A2A in May 2019.