Current and former Uljanik workers as well as workers of companies in which Uljanik holds more than 50 percent interest will be able to buy the shipyards's stock at the starting price of HRK 51.23 per share. The price is reduced by one percent for each year of service at the shipyard and an additional 20 percent discount, according to the government decision.

For the sale to be successful, the workers need to buy at least 39.04 percent of the stock and in case of a higher interest, the government has secured an additional 45.2 percent of the stock.

Uljanik workers interested in purchasing the shipyard's shares will have to buy the stock with a one-off payment and keep the stocks for at least 5 years before selling it.

This is the first step in the process of privatising northern Adriatic shipyards. We will have to send a number of documents to the Competition Agency and to Brussels, but the privatisation process has been launched, First Deputy Prime Minister and Economy Minister Radimir Cacic said.

The government previously announced that the privatisation of Uljanik would be an introduction to the privatisation of the Rijeka-based 3. Maj shipyard. After its own privatisation the Pula-based dock would become the owner of 3. Maj.

At its session today, the government issued a state guarantee to Uljanik amounting to US$ 31.6 million for the construction of two ships for a Liberian shipowner.