ZAGREB, August 23, 2018 – The Centre for Restructuring and Sales (CERP) on Thursday advertised a public call for binding offers for the purchase of shares in the Hoteli Maestral chain as well as advertising another public call for binding bids for the purchase of business shares in the Club Adriatic tourism company.
CERP is putting up 68.94% of the shares in the Dubrovnik-based Maestrali hotel chain at a starting price of 126.8 million kuna, as well as segments in the Club Adriatic at a starting price of 48.5 million kuna.
This is yet another attempt to find a buyer as previous calls for bids over the past ten years have not managed to attract an investor.
The deadline to submit bids for 355,520 shares (68.94%) of the government’s share in the founding capital of the Hoteli Maestral is 22 October and can be submitted by local or foreign bidders provided that they purchase the tender documentation at a price of 100,000 kuna for each bid.
The nominal value of the Hoteli Maestral operator’s shares being sold is 71.1 million kuna.
The business segments in Club Adriatic are being sold at a starting price of kuna 48.5 million while their total nominal value is 120.9 million kuna. This tender too requires interested bidders to purchase the necessary tender documentation at a price of 100,000 kuna.
Earlier this year, CERP received 24 non-binding bids for shares in Hoteli Maestral after receiving as many as 40 letters of intent in February, however only one binding bid was submitted and that was rejected after the J&T IB Capital Markets from the Czech Republic offered a price of 114.2 million kuna which was the starting price, however the government expected to be offered a higher investment.
State Assets Minister Goran Marić has said on several occasions that the Hoteli Maestral should and can get more because the company’s hotels are situated at attractive Dubrovnik locations and operate at a profit. Last year, the chain generated a net profit of 4.1 million kuna, up 7% compared with 2016.
This is the remaining Croatian hotel chain in which the state still has a majority interest.
