Niksic, (MINA-BUSINESS) – Shareholders of Elektroprivreda (EPCG) are expected to decide at an extraordinary meeting on March 16 on the cancellation of their shares and the reduction of the company’s share capital.

According to materials published on the company’s website, the Board of Directors decided on 9 February 2023, that EPCG would buy back 110,020 shares from shareholders who opposed the decision approving the contract with the European Bank for Reconstruction and Development (EBRD) for the Gvozd wind farm project, at a price of €8.39 per share, adopted at the extraordinary shareholders’ meeting.

Through that buyback, EPCG acquired 110,020 shares, paying dissenting shareholders a total of €923,090.

As the Law on Business Organizations stipulates an obligation that shares acquired in such a manner must be sold within three years from the date of acquisition, the Board of Directors adopted a decision on the sale of shares on 4 February this year.

Through a public procurement procedure, the most favourable bid for providing brokerage services was selected.

The shares have been offered on the stock exchange and will remain available until 14 March, when the legal deadline for their sale expires.