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CGES shares pushed to record levels, but then saw a dramatic decline

Montenegroberza

Shares of the Montenegrin Electric Transmission System, CGES, were pushed to record levels in value this year, after 7,255.403 shares of that company were sold to ‘Elektromreža Srbija’, EMS. The price per share, after the purchase by Elektromreža, reached 0.95 euro, but sharply declined a day after, Dnevne Novine, a daily, reported.

The price of shares first dropped by 10% last Thursday, when a total of 1.000 shares were sold for 0.8550 euro. The same price was on Friday as well, but yesterday saw a serious decline of nearly 10%. A total of 647 CGES shares were sold yesterday for 0.77 euro. It was the lowest price since the start of the year.

EMS stated last week that they had paid approximately €6.9 million to buy the additional 5% of CGES shares, i.e. 0.9493 euro per share. EMS became one of the owners of CGES back in 2015 when it bought 10% of its shares.

 

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