Sale of Adriatic Shipyard close

19 May 2008

The contract on sale of the Adriatic Shipyard in Montenegro could be signed by the end of the month upon completion of the second round of negotiations with the Swiss company Avangard Shipyards International (ASI). Although the Cypriot consortium C & S.I and Mercury put in the best bid, they withdrew thus enabling the second highest bidder, ASI, to start negotiations with the yard officials. ASI offered 4 million Euros for the 61,75% stake that is on sale and also undertook to invest 30 million Euros.

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