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The privatisation of Montenegro Airlines will be conducted in three stages, first being the selloff of 5% of shares, second being recapitalization and the third one being the selling of a majority share-package. “The 5% of shares, which will be sold at the market, are ‘a test balloon’, which will be used to estimate the value of the company’s shares. This experience would serve as the basis for the company’s recapitalization, for which the EBRD has expressed interest”, said an official in the ministry of transportation. EBRD is also interested in the privatisation of companies “Aerodromi Crne Gore” (Airports of Montenegro) and “Luka Bar” (Port of Bar), which are also to be restructured and privatized in the near future.
Montenegro Airlines is the only airline in Montenegro. 99.97% of the company is owned by the state. With recapitalization, EBRD would become the owner of, at most, one third of the airline’s property. Montenegro Airlines recently purchased a new Embraer aircraft, the first one in its fleet of Fokker’s.
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