MILAN, Sept 29 (Reuters) - Italy’s biggest regional utility A2A said on Friday a court in Montenegro had annulled a decision to seize its stake in power utility Elektroprivreda Crne Gore (EPCG).
In July a Podgorica-based court, after a special state prosecutor’s office request, had ordered a precautionary seizure of A2A’s stake in EPCG.
“The seizure has been wholly revoked by the High Court,” A2A said in a statement.
A2A, controlled by the cities of Milan and Brescia, spent around 436 million euros ($514.52 million) on buying a 43.7 percent holding in EPCG, which it has since cut to 41.7 percent.
In May it hired investment bank Rothschild to advise on sale of the stake.
Although it has a minority stake, A2A jointly manages EPCG.
Montenegro’s government, which owns the rest of EPCG, has in the past complained about a low level of investment by A2A. ($1 = 0.8474 euros) (Reporting by Stephen Jewkes)