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28. August 2008.


Mr. Djurisic reappointed President


Dr Zoran Djurisic, the President of Montenegrin national carrier, shall perform the function of president throughout the next term of office.   

At the session of the Government of Montenegro, held 26th June 2008, it had been decided to propose to the Shareholders’ Meeting of Montenegro Airlines to reappoint the members of Board of Directors: Dr Zoran Djurisic, Mr. Rifat Rastoder, Mr. Dzavid Sabovic, Dr Saleta Djurovic and Mr. Miodrag Ivanovic.  

The proposal of the Government of Montenegro was unanimously adopted at the Shareholders’ Meeting held 25th July. At the first session of the newly elected Board of Directors of Montenegro Airlines, the President’s term of office for Dr Zoran Djurisic was verified. Mr. Petar Glomazic, previously CEO Deputy, was appointed Acting CEO.

In addition to the above-stated, the Shareholders Meeting made a Decision on the increase of capital. The increase of capital shall be performed through the process of issue and sale of new shares at the capital market in the amount 30% of the Company’s assessed property value. It is also planned to sell 5% of Montenegro Airlines shares at the stock market. The registration and emission of the new ownership structure and the transformation of D.O.O. (company with limited liability) into Stock Company shall be performed before the competent authorities.  

Recognizing Montenegro Airlines as an important industry participant in the region, there is a great interest for the process of Company’s privatization. Companies from Russia, Great Britain, Israel, etc. expressed their interest. So far the most concrete negotiations were held with European Bank for Reconstruction and Development (EBRD). In cooperation with EBRD, the US consulting company SH&E was selected among 13 consulting firms, which shall perform the evaluation i.e. the analysis of operating strategy, for the purposes of privatization process.