The Montenegrin Association of Minority Shareholders (CAMA) announced on 6 November an initiative to assemble about 18 million shares in wine producer 13. jul – Plantaže, equal to approximately 10% of its share capital, for a potential sale to domestic and foreign investors. The proposal would combine individual holdings into a single block in one of Montenegro’s recognisable agricultural and wine-producing companies.
CAMA set an indicative asking price of 0.50 euros per share, implying a proposed transaction value of approximately 9 million euros. The association said the price matches the shares’ nominal value and is substantially below the per-share value implied by Plantaže’s latest asset assessment.
The approximately 9 million euros is an asking value, not an agreed transaction price or an independently established market valuation. CAMA said pooling the stakes could improve minority shareholders’ negotiating position and give prospective buyers a more transparent acquisition opportunity than purchasing fragmented holdings.
Plantaže has vineyard assets, production facilities and an established export business. A sizeable minority stake could offer investors exposure to Montenegro’s food, beverage and agricultural sectors, although a holding of about 10% would not normally confer operating control.
The commercial value of such a stake would depend on shareholder rights, governance, liquidity and Plantaže’s financial position. The initiative does not involve a new share issue: a sale by existing shareholders would transfer ownership between investors and would not automatically provide fresh capital to the company.
No buyer has been named, and CAMA’s proposal has not resulted in a confirmed binding offer or completed acquisition. The initiative comes amid debate about Montenegro’s underdeveloped domestic capital market and the limited liquidity available to minority shareholders.
If implemented, the transaction could demonstrate coordinated participation by minority shareholders in a market where larger equity transactions remain relatively uncommon. The next steps will depend on how much of the stake is assembled, whether investors show interest and whether formal commercial terms are agreed.
