The Croatian Privatisation Fund on Monday issued a public invitation to tender for shares in the 3. Maj joint stock company, offering a 83.32 percent interest in this Rijeka-based shipyard at the price of one kuna, under special conditions, with a deadline for bids expiring at 1400 hrs on 2 February.
This public invitation ensues after the government recently rejected a bid offered by the German Crown Investment which in the meantime ran into financial problems.
The offer by the German Crown Investment was rejected because of the problems encountered by the company which was behind that investor, Austria's A-tec company, so the government opted for a new tender to last a dozen days, Economy Minister Djuro Popijac said at a government session last week.
Crown Investment was the only bidder for 3. Maj in the second round of privatisation of that shipyard and the government decided to continue the negotiations with it. However, the A-tec concern, owned by Mirko Kovats, last November found itself in business problems, having to declare insolvency.
"Considering the interest shown by some parties in the meantime, I believe that it will not jeopardise the course of (Croatia's EU accession) talks and that we will find a good investor," Popijac said at the session.
The tender conditions for the third privatisation round for the 3. Maj shipyard will be the same as in the second round - 83.32 percent of the shipyard's stock will be sold at the starting price of one kuna. The investor is expected to submit a programme for the company's restructuring in accordance with the Stabilisation and Association Agreement signed by Croatia and Brussels. Bidders are also expected to provide at least 40 percent of the funding needed for the restructuring.
The restructuring programme must be okayed by the Croatian Competition Agency and the European Commission.
The Privatisation Fund published the public invitation today on its web site and in some daily newspapers.
