Montenegro's KAP Assets To Go On Sale For EUR 52.47 Million

The assets of Montenegrin aluminium producer KAP will be offered for sale at EUR 52.47mn , state broadcaster RTCG quoted the company's insolvency manager Veselin Perisic as saying on Nov 21, reported. Perisic, however, could not specify when a public invitation for the sale will be opened. He was speaking at a brief news conference on the issue. The evaluation of KAP's assets followed after the company was declared bankrupt in early October. According to the report, KAP's complete assets should go on sale - and not the company as a legal entity. Yet, earlier this week the parliament adopted a draft law on the protection of the state interest in the mining and metals sector, proposed by the opposition, which defines how and to whom KAP can be solved. According to it, the insolvency manager could decide to sell the plant and sign a sales contract only after receiving a parliament approval. In case a deal is not signed, the state could take over the company also with the consent of the parliament. Furthermore, the document suggests KAP should not be sold as assets but as a legal entity. Several investors already indicated they are interested in taking over debt-free KAP, including Germany's HGL Group , Croatia's TLM-TVP, India's Vedanta Resources , Turkey's Toscelik and an unnamed Polish company. As expected, the estimated price of KAP's assets will not be sufficient to compensate the company's outstanding obligations in case of a successful sale. Read more.