The recapitalisation of the Uljanik shipyard was launched at a session of the dock’s main assembly, held in the northern Adriatic town of Pula on Thursday, setting Uljanik on the path to privatisation, following the original privatisation process in the 1990s and a recent employee stock ownership plan(ESOP).
This has launched preparations for a possible injection of capital earmarked for the dock’s technological upgrading, Uljanik management board president Anton Brajkovic said adding that the preparations included the reduction of stock capital from the present HRK670.8 million to HRK201.6million.
The recapitalisation process is expected to be completed by the end of this business year.
The government, which holds an 84.2 percent ownership share in the dock, announced Uljanik’s privatisation in late June, after presenting the privatisation plan for the Rijeka-based 3. Maj shipyard which is expected to be taken over by the privatised Uljanik dock.
