Ownership structure

Share capital of the Company amounts 155.108.283,12 , divided into 146.176.876 shares with the nominal value of 1,0611 €.

The total number of Company’s shareholders as of 08 February 2021 was 7.100. The majority owner is the state of Montenegro with 55,00 % of the Company‘s shares, while the Strategic partner of the majority shareholder - Terna Rete Nazionale S.p.a. holds 22,09% of shares. As of 08 February 2021 Natural persons owned 6,69 % of shares, joint venture funds owned 0.14 % of shares, custody accounts owned 0,61% of shares, legal persons owned 0,10 % of the Company‘s shares while Crnogorski elektroprenosni sistem AD holds 0,38 of the Company’s share capital.

 

chart Ownership structure 

 

CGES shares are quoted on “A” list of the stock exchange of Montenegroberza AD. ISIN of the share is: MEPRENRA1PG3.

 

Interest of CGES in Equity of Other Companies

CGES, as one of the ten founders, holds an ownership interest of 40,000.10 euros in the Coordination Auction Office in Southeast Europe (SEE CAO) headquartered in Podgorica, which is 14.28 % of the capital contribution of this company.

Based on information on possible solutions to open issues in the field of energy as a part of the Berlin Process, the Government of Montenegro at its session held on 9 June 2016 reached a conclusion on founding a limited liability to establish power exchange in Montenegro. The Power Exchange LLC was established in 2017, where CGES, as one of the three founders, holds a share of 179,995.00 that makes 33.33 % of the Company's capital.

As one of the four founders of Electricity Coordinating Centre Belgrade (EKC), CGES holds the ownership interest amounting to 49.548,31 which makes 25,00% capital of EKC. EKC was founded in 1993, with the aim of coordinating operation of electric power systems of Montenegro, Serbia and Macedonia, and in time has become a referential consulting house in South East Europe, at the same time providing permanent expert support to CGES and other owners in both operational work and strategic planning.

While respecting the decisions of the ENTSO-E relevant authorities, and in an effort to prepare in a timely manner for the implementation of standards of regional operational security coordination, in 2015, CGES, in cooperation with Serbian and Bosnian transmission operators - EMS and ISO BiH, established a Regional Security Coordination Centre - SCC LLC with headquarters in Belgrade. The founders of the center are equal owners, with a capital contribution of 34,765.00 each.