Montenegro gets no bids for assets of forging plant unit of alumium firm KAP

The bankruptcy management of Montenegrin forging plant Kovacnica - a subsidiary of aluminium firm KAP, said it received no bids in the latest tender for the sale of Kovacnica's assets, broadcaster RTCG reported.

The deadline for the bids submission expired on March 18 and bankruptcy receiver Zdravko Cicmil confirmed no offer had arrived by then at the commercial court. The sale included Kovacnica's movable and immovable assets, i.e. buildings and land, production facilities, equipment, transport fleet and other.

This was the third tender for the assets' sale as this time they were offered at a starting price of EUR 700,000, nearly three times below the price sought at the previous sales attempt which was announced unsuccessful even though two bids were filed.

Kovacnica first went on sale in December 2013 at a starting price of EUR 4.27mn. This price, however, was not binding, neither a required minimum price. Local firm Uniprom of businessman Veselin Pejovic filed the sole bid back then, offering EUR 400,000 for the assets and pledging to invest EUR 5mn within five years.

Uniprom's bid was, however, turned down because the bankruptcy receiver was not able to meet some of its conditions. A new tender for Kovacnica was then launched in late January at a starting price of EUR 2mn. Uniprom participated again offering EUR 600,000, while the only other bid was filed by another local businessman - Luka Pejovic. The latter, acting as an individual, offered EUR 416,000 for the assets.

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