Power transmission company buys stake in Montenegro's CGES

Serbia's electric power transmission company Elektromreza Srbije (EMS) has purchased a 10-percent stake in Crnogorski Elektroprenosni Sistem (CGES) AD.

Source: Tanjug
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EMS said it bought the shares at the Montenegro Stock Exchange on Tuesday.

EMS paid EUR 13,839,683.36 for 14,568,335 shares of the Montenegrin company.

The acquisition will give EMS a seat in the CGES board of directors as well as the right to dividends.

"It is also important for Serbia as the EMS has previously never undertaken an expansion outside the country," the company said in a statement.

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