The Government of Montenegro, at the session of February 7, 2019, passed Decision about The Privatization Plan for 2019 which is published in the Official Gazette No. 013/19 of 01, March 2019 and it came into force on 9, April of the same year.
Jones Day has advised Societe Generale in connection with the sale of its majority stake in the share capital of Societe Generale Montenegro, a company listed on the Montenegrin Stock Exchange, to OTP Bank Nyrt. Schoenherr advised Societe Generale on matters of Montenegrin law, while CMS advised OTP.
Kinstellar, Shearman & Sterling, and Radonjic Associates have advised Masdar on its acquisition of a 49% share in Krnovo Green Energy from a subsidiary of Akuo Energy. Cleary Gottlieb Steen & Hamilton and Karanovic & Partners advised Akuo Energy, while Allen & Overy acted as general counsel for the lenders.
BDK Advokati has advised Montenegro's Industriaimport-Industriaimpex AD on its acquisition of 49% of the registered capital of Serbian pharmaceutical wholesaler Farmalogist d.o.o. from private equity firm Adriatic Fund B.V., and in connection with the Shareholders’ Agreement entered into with the owners of the remaining 51% of the shares. HRLE advised Adriatic, while Bojanovic & Partners advised the owners of 51% of the shares in Farmalogist.
Article 2 of the Montenegrin Law on the Protection of Competition limits the law’s application to acts undertaken within the territory of Montenegro and acts undertaken outside of Montenegro which have as their object or effect the distortion of competition in Montenegro. In practice, however, the Law on the Protection of Competition (the “Law”) seems sometimes to be applied beyond its territorial scope.
Things are going well in Montenegro at the moment, according to Komnenic Law Office Managing Partner Milos Komnenic, a function not only of the country’s stable political situation, with the current government elected in November 2016, and President Milo Dukanovic elected in April of this year, but more significantly as the result of the country’s June 2017 entrance into NATO.
Vladimir Radonjic, the Managing Partner of Radonjic Associates in Montenegro, reflects back on his Buzz interview in June 2017. "2018 has brought a lot more stability in terms of local politics, and the local economy is in better shape,” he says. "As you remember, in 2017 we joined NATO, and it seems the expectations people had that it would result in more stability have proven correct.”
The plans to regulate public-private partnerships have been in the program of the Montenegrin Government for at least ten years now. Despite its central importance to both the public and private sectors, a specific legislative and institutional framework in the area of PPPs is still not in place. Instead, PPPs are regulated by laws from several sectors and by the Law on Concessions. The main authoritative bodies in charge of implementing PPP projects are the Privatization and Capital Investment Council and the Concession Commission.