Adcapital Montenegro buys 4.5% of aluminium plant KAP.

By bne IntelliNews September 15, 2011
Adcapital Montenegro has bought 4.54% of the capital of Montenegrin aluminium smelter KAP, national TV broadcaster RTCG reported citing information from the central depository. Sellers in the transaction were minority shareholders Fjord, which has decreased its stake in the company by 3.65% and Laderna International, which sold 0.7%. As recalled, 484,140 shares or 4.6% of the capital of KAP changed hands on Montenegro Stock Exchange (MSE) on Friday, Sep 9 for approximately EUR 1.58mn. KAP is the largest Montenegrin producer and exporter. It has been seriously affected by the global economic crisis and the unfavourable developments on the global metal markets, in particular. The plant reduced substantially its output in 2008 and 2009 and was forced to produce below its break-even point. The government acquired back from the Russian owner of the plant a 29.4% stake last year in exchange for state guarantees for KAP's loans worth EUR 131.7mn.

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