Dubai-based Faminas Investment Group has proposed acquiring a 22 per cent stake in Barska Plovidba and investing approximately €55 million to €60 million in two new cargo vessels and the reconstruction of Pier 5 at the Port of Bar.
The proposed transaction has not yet been finalised. The ownership structure would give significance to the relationship between Faminas’ proposed stake and the state’s existing holding, with the two potentially controlling approximately two-thirds of the company. Governance arrangements would therefore need to establish proportionate and transparent rights, particularly regarding the participation of a minority shareholder in strategic decisions.
Barska Plovidba also owes the state approximately €5 million following government payments on instalments for loans from the Export–Import Bank of China that were used to acquire the company’s existing vessels. The arrangement leaves the state in both the role of shareholder and creditor. The proposed acquisition of two new ships would restore part of Barska Plovidba’s operating capacity, although fleet expansion alone would not determine the company’s financial performance.
The economics of the new vessels would depend on their specifications, chartering strategy, fuel efficiency, exposure to freight cycles and management quality, as these factors would determine the cash flow available for debt servicing. The planned reconstruction of Pier 5 could strengthen the operational link between Barska Plovidba and the Port of Bar’s cargo activities. The value of the proposed investment would also depend on coordination with railway upgrades and contracted regional freight, rather than relying primarily on speculative charter-market conditions.
