Macedonian Stock Exchange Adopts Corporate Governance Code

November 2021 Macedonian Stock Exchange adopted the new Corporate Governance Code for listed companies.  The Code applies to companies that, on 31 December in the current year, meet at least three of the following four conditions: ∙      the market capitalisation of at least 5,000,000 euros; ∙      at least 100 shareholders; ∙      at least 5% free float; ∙      the issuer’s shares were traded in at least 30% of the total number of trading days in the current year. These companies will have reporting requirements on their corporate governance practices…

Polenak Law Firm Assisted a Client in a Dispute Adjudication Board Procedure

October 2021 Polenak Law Firm's team led by Kristijan Polenak - Managing Partner, and Aleksandar Dimic - Partner, assisted a public sector client in a Dispute Adjudication Board procedure concerning matters arising from an agreement based on the International Federation of Consulting Engineers’ (FIDIC) Conditions of Contract for Construction. The resolution of the matter was satisfactory for the client while the underlying project is expected to be completed in good faith and to the benefit of all the parties involved.  

1.000 MW Photovoltaic Power Plants

October 2021 North Macedonia's state-owned electricity company ESM plans to build 1,000 MW of photovoltaic (PV) power capacity in the long term under a strategy to shift electricity generation to renewable sources. The photovoltaic power plants will be built either as direct investment by ESM or as part of a public-private partnership.

Polenak Law Firm Advised Singular And Its Owners

September 2021 As another proof of interest to invest in the IT sector in North Macedonia, Flutter Entertainment, a global sports betting, gaming, and entertainment provider, acquired 100% indirect ownership in Singular group of companies based in North Macedonia, Georgia, and Malta. Polenak Law Firm advised Singular and its owners on the transactional documents under Macedonian law. Also, our Regulatory & Compliance team advised the client in the complete harmonisation with the newest personal data protection requirements introduced with the new Data Protection Law which is now fully harmonised…

Public Call For Submission Of Applications For Establishment Of A Status Of An Investment Project

September 2021 The Public Call is announced in accordance with the Law on Strategic Investments in the Republic of North Macedonia, regulating the application criteria, conditions and procedure, determination of a status, selection, preparation and implementation of investment projects of the highest strategic priority for the country (Strategic Investment Projects), with the aim of encouraging, attracting and creating conditions for the implementation of strategic investments in the Republic of North Macedonia, an increase in the economic growth, employment and application of new technologies…

Polenak Law Firm Contributes to Mondaq's Litigation Dispute Resolution Comparative Guide

Author: Aleksandar Dimic Polenak Law Firm’s partner Aleksandar Dimic drafted the latest Mondaq’s Litigation and Dispute Resolution Comparative Guide for North Macedonia. The guide is in a Q&A format and Mr. Dimic provides insights related to the judicial system of North Macedonia, judicial structure, pre-litigation, commencing litigation, and more. To read the full article, please click here. Aleksandar Dimic is a partner at Polenak Law Firm in May 2019. He is head of the firm’s Real Estate Practice Group and leads the Litigation Department. Aleksandar is a legal expert representing…

Polenak Law Firm Welcomes New Partner Tanja Polenak

Polenak Law Firm is pleased to welcome Tanja Polenak as a new partner who will be leading the firm’s employment and collection practice. Both Polenak Law Firm and the SEE Legal Group wish Tanja a warm welcome. An accomplished legal professional, Tanja has nearly 25 years of experience in the legal practice, 12 years in the Court of Appeals Skopje and 12 years as Head of the Legal Department at Eurolink Insurance Skopje. Her expertise assures valuable contribution to Polenak Law Firm team’s dedication to maintaining a high standard of practice and competent service to clients.

Polenak Law Firm Advised on the Largest Privately Owned Local Investment in Renewable Energy in North Macedonia

Polenak Law Firm advised Thor Impex DOOEL Skopje and its owners in the largest privately owned local investment in renewable energy in North Macedonia, a 36MW wind farm Bogoslovec.

Medical Cannabis

A family-owned local company is interested in finding a strategic co-investor in a medical cannabis production business. The local company holds a license for the cultivation of medical cannabis and operates on 60,000m2. The facility is part of a greenhouse complex covering 300,000m2, enabling expansion of the licence on the full greenhouse area.

Hydro Power Plant Cebren Update

A total of nine bidders qualified in the second round of tender for the construction of hydropower plant Cebren.

Thermal Power Plant TEC Negotino

The fuel oil-fired power plant TEC Negotino will either be sold or converted to natural gas, an investment worth an estimated EUR 200 million (USD 243.8 million) to EUR 500 million. TEC Negotino launched a call for a feasibility study of its strategic options and the government will decide in the first half of 2021 whether it will build a new gas-fired power plant at the same site through a public-private partnership or sell the existing facility. TEC Negotino, which started operating in 1978, has not generated electricity for more than ten years, mostly due to high production costs. 

Polenak Law Firm Contributes to Lexology Getting the Deal Through - Corporate Governance 2021

Kristijan Polenak, managing partner and Tatjana Shishkovska, partner at Polenak Law Firm authored the North Macedonia Chapter on Corporate Governance, 20th edition, published in May 2021 by Law Business Research. The chapter is available for download at the following link. The chapter has been reproduced with permission from Law Business Research Ltd. where the article was first published in May 2021.