Prva Iskra-Namenska acquires Berane-based Poliex

Baric-based Prva Iskra-Namenska and Slavko Vujisic from Podgorica delivered the only offer to tender commission for the acquisition of 50,7% stake at Berane-based Chemical industry Poliex Radio and Television of Montenegro (RTCG) announced at its website.

The commission opened at the meeting the offer and it will now be followed by the evaluation of formal regularity, bidder’s qualifications and compliance of conditions required, set in public call and tender rules, it was written in the text.

The offer was opened in the presence of bidders and it implies compulsory price of EUR 138.500 for 197.811 company’s shares, i.e. 70,02 eurocents per share

- The consortium offered investment plan implementation which comprises investments in rehabilitation and reconstruction of the existing facilities and infrastructure and producing process in AD Poliex totaling EUR 500.000 as well as non-cash investments of EUR 700.000 for know – how transfer for production of a number of products – it was stated in the announcement.

The bidder took over commitment to keep 42 fully-employed employees with open-end contracts at shareholder company Poliex in the next three years and to employ 10 new full-time employees in 2015.

- Apart from that, the consortium expressed the intention to continue hiring full-time employees with close-end contracts in line with company’s needs and to set up the practice of bonus payment for the exceeding the planned results. The consortium also obliged itself that it will stick to collective bargain and will not ask for its change in a three-year period – tender commission said.

Poliex was set up in 1982 and it specialized in production of plastic explosives. In order to expand its production portfolio and satisfy market needs, during its development, the company adopted production of initial devices for blasting in mining (electrical detonators, non-electrical detonators and detonator capsules) as well as business semi-plastic explosives for special purposes in mining.