Croatia continues talks on Kraljevica shipyard sale with Jadranska Ulaganja.

By bne IntelliNews December 20, 2010
The government will continue talks on Kraljevica shipyard privatisation with Jadranska Ulaganja, news agency HINA reported. The ad-hoc commission, set up by the government to monitor the Kraljevica sell-off, recommended that talks continue with Jadranska Ulaganja. The privatisation fund received three bids from Croatian Adria-Mar Brodogradnja and Jadranska Ulaganja and from Serbian shipyard Bomex 4, as well as a letter of intent from Durch Damen shipyard group. Local company Montmontaza bought tender papers, but did not submit a bid. In early November, the privatisation agency called a tender for the sale of 893,150 shares or 99.54% of the Kraljevica shipyard with a token starting price of HRK 1. The deadline for submitting the bids was November 18. The bidders had to prepare restructuring programmes for the next five years with structural and financial measures and investment plans to secure the long-term market sustainability of the shipyard. The buyer will have to cover at least 40% of the restructuring costs, to propose a plan for meeting the liabilities of the shipyard towards banks and to abide by the existing collective agreements. This was the third attempt to sell the Kraljevica shipyard. The second privatisation round failed after no bidders showed up, but several potential investors have been expressing permanent interest in the shipyard. Kraljevica's loss increased by 26.2% y/y to HRK 128.1mn (EUR 17.6mn) in 2009.

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