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Montenegro: Privatisation of Poliex: Montenegrin arms exporter

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Jelena Zivkovic

The Montenegrin government announced a public tender for the sale of 50.75% of share capital of the state-owned arms company Poliex from Berane. The tender was announced in line with the privatisation programme adopted by the Privatisation Council of the Montenegro Government. Poliex is a joint stock company with capital of €2.2 million ($2.7 million) and 389,751 ordinary shares with a nominal value of €5.68 per share.

Poliex was established in 1982 as a factory specialised in producing plastic explosives. In addition, the company provides complete mining services and transport of explosive and other dangerous materials. With annual turnover of between $1 million and $2 million, Poliex is one of the most important providers of components of the arms industry in Montenegro.

According to the tender's conditions any potential buyer must have a "successful company in the business of selling weapons" with an annual income of at least €7 million. It needs to provide proof also that it has never been on the list of companies that have violated UN arms embargoes.

Today, Poliex employs skilled and experienced engineers. Moreover, Živko Andric, the chief of Poliex's R&D department, was named by the Montenegrin Science Minister as "Scientist of the Year 2013" in the category covering patents, innovation or new products.

Jelena Zivkovic (jelena.zivkovic@eurofast.eu)

Eurofast Global, Podgorica Office

Tel: +382 20 228 490

Website: www.eurofast.eu

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