Germany's HGL Group will present at the end of July or the beginning of August its takeover proposal for Montenegrin aluminium smelter KAP at a special news conference, news service Portal Analitika reported on July 23, quoting unofficial information.
Along with the HGL Group officials the presentation will be also attended by representatives of German development bank KfW, which is interested in supporting financially the investment.
According to local aluminium market expert Goran Djukanovic, another German state bank is also interested in the project. Djukanovic told Portal Analitika in early July that an unnamed company from Western Europe is ready to take over KAP and its adjacent bauxite mine, investing as much as EUR 700mn in the acquisition and in the construction of energy source for KAP. The investor allegedly intends to build a hydropower plant in a joint venture with the Montenegrin government for the needs of the aluminium firm.
In the meantime, KAP entered insolvency on July 8 after failing to pay back the government some EUR 25mn debt. The court estimated its debts at EUR 380mn, while putting the company’s nominal value at only EUR 183mn.
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