Gruia Stoica to take over Montenegro's rail freight carrier for 13m euros

Businessman Gruia Stoica, owner of the biggest private rail freight carrier on the Romanian market, Grup Feroviar Roman (GFR), a part of the Grampet group, will invest 13 million euros in a 87.6% stake in Montenegro's national rail freight carrier, which is in the process of being privatised. "We have been accepted to take over state-held Montecargo. If our terms are accepted, we will take over the company," said businessman Gruia Stoica, owner of GFR, which posted a 101 million-euro turnover and a 7.2 million-euro net profit last year.

Montecargo posted a 5.7 million-euro turnover last year and carried 844,000 tonnes of freight, according to indecon.de website, which provides information on the company's privatisation. The company operates 713 freight carriages and 17 locomotives. This compares with 850 locomotives and almost 42,000 freight carriages held by Romanian freight carrier CFR Marfa. "We will buy Motecargo shares worth 2 million euros, we will cover debts amounting to 6 million euros, and make 4-5 million euros in investments."