Kerber Group has launched an offer to acquire the remaining shares of Poliex, seeking full ownership of the Montenegro-based explosives producer as the company develops its production capacity and examines additional defence-related activities. Kerber currently holds 82.86% of Poliex and is offering €3.34 per share for the remaining 17.14%. If all minority shareholders accept the offer, the transaction would require approximately €223,000.
The proposed price represents a 23.7% premium to Poliex’s last traded price of €2.70 on August 25. Poliex operates in Berane and manufactures industrial explosives and related products serving markets including mining, construction and defence-related activities. The company has also been expanding its product focus into newer technology areas, including components associated with unmanned aerial systems.
Full ownership would give Kerber direct control over Poliex’s capital allocation, investment decisions and longer-term industrial strategy as the company considers activities beyond its established explosives business.
Poliex’s position also extends across several sectors relevant to Montenegro’s industrial development. Its established explosives operations serve mining, quarrying and infrastructure construction, while Montenegro is entering a broader cycle of road and infrastructure investment and considering new mining concessions and mineral exploration projects. These activities could provide domestic demand for specialist explosives and related products. The defence segment represents another potential area of activity. Increased defence procurement and industrial-capacity development in Europe have created opportunities for smaller manufacturers that can satisfy technical, quality and security requirements.
Poliex’s work on drone-related components indicates an expansion beyond conventional explosives into higher-value products. The commercial scale of that activity will depend on certification, investment, customer contracts and integration into regional or European defence supply chains. The proposed consolidation of ownership could give Kerber greater control over investments required for such development. A single controlling shareholder can also simplify decisions involving major capital expenditure and strategic restructuring, while concentrating the associated financial risk. Poliex’s operations in Berane also give the company a role in northern Montenegro, where private-sector investment and industrial employment are more limited than on the coast and in Podgorica.
Montenegro’s economy is dominated by services, tourism, trade and construction, while manufacturing represents a relatively small share of overall output. Industrial companies with export potential therefore form part of efforts to diversify the economy. The takeover could also affect the company’s presence on Montenegro’s capital market. A successful acquisition of the remaining shares would reduce the already limited free float of one of the country’s listed industrial companies.
If Kerber obtains full ownership and Poliex no longer maintains a meaningful public float, another potentially investable security would leave the Montenegro Stock Exchange, further highlighting the difference between the country’s liquid banking sector and its shallow equity market.
For minority shareholders, the offer provides a choice between accepting the €3.34 per-share price, which is above the recent market price, and maintaining exposure to Poliex’s future industrial expansion. The relatively low trading liquidity of the shares adds significance to that decision. For Kerber, the transaction would establish full control over a company whose future development increasingly depends on investment in production, technology and new markets alongside its established business. The approximately €223,000 required to acquire all remaining shares is the stated cost of achieving that ownership position.
