Visit-Montenegro.com: Marina waits for better bids

Podgorica- Bar-based company Marina arouses a lot of interest among bidders who on the last tender wanted to take over the public company for little money.
Consortium from Podgorica and Bar “Bemax”and” Y.C YUG” purchased the tender documentation thus meeting one of the requirements for participation in public invitation for selling 54.3% government-owned shares in the company and was granted concession for the period of 30 years, under the condition to invest.
The relevant commission informed Daily Press “Vijesti” that the consortium consisting of the Russian companies “Expert Marine”, “Nash Gorod” and “Pobeda Capital” submits a request to purchase the documentation worth EUR 20.000, which was confirmed to the agency “Mina Business”, as well.
Only bids for Marina which arrive not later than 24 August at 3 pm will be taken into consideration. The company “Expert Marine” is the lease-holder in the company from Bar and in Montenegrin consortium “Bemax” is the powerful construction company. Their bids didn’t meet requirements and fulfill aims of the previous public invitation, which is the reason why it was canceled.
Russians offered only EUR 420.000 for government-owned share in the company and EUR 10.7 million for the investment program while the Montenegrin consortium offered only EUR 350.000 for government shares and half less money for five-year period investments.
The Russian investors estimated that it is enough to pay of 51 cent per share of the Bar-based company, while the Montenegrin consortium offered 43 cents. Nominal value of one share of Marina is EUR 5.79.
Bar-based company “Kaca” was interested in Marina but their bid was rejected since it was not submitted on time defined by the tender.
The commission should examine whether bidders have experience in the domain of the main activity of the Marina for at least 5 years, or an annual turnover amounted to EUR 10 million in the last business year. Bidders are expected to have generated profit over the past 3 financial years. The right to take part in the bidding process for Marina is given to the bidder whose owner fulfills the terms and requirements of the tender.
The commission has established that the bidders met conditions regarding deposit payment or Bid Bond in the amount of EUR 100.000. The deposit payment or Bid Bond should have been issued in the form of the unconditional bank guarantee, which is payable upon first demand and issued by the bank that has at least BBB credit rating according to the Standard and Poor’s Agency.
Tender commission keeps the right to change certain provisions of the public invitation.

By I.G.