Selling stock in more packages, even at a lower price than the one from the first round, would bring in a greater income than 16.5 million Euro, currently offered by Vitek
Insisting on selling its 30% of stock in Sunčani Hvar exclusively as a single package and at a notably higher price than the current Zagreb Stock Exchange value was not the best decision to reach the goal of liquidating assets to fill the state budget and reduce public debt, Poslovni Dnevnik reports on June 21, 2016.
However, the Centre for Restructuring and Sales (CERP) in the conditions of political instability now has a new challenge: avoiding a 5.13 million Euro lower income than the originally planned 21.7 million by accepting the soon-to-be public offer by majority owner, Slovakian billionaire Radovan Vitek.
The Management Council of CERP tried using the selected sale model to bring in a new share owner or owners and deny the majority owner, CPI Group, to have absolute control over Sunčani Hvar, or at least make CPI pay a higher price through competition with other buyers, for a share that has a growth potential.
While further moves by CERP are expected regarding the sale of stock in Sunčani Hvar, due to a decision by the Croatian Agency for Financial Services Control (HANFA), the CPI Group, or Prime Tourist Resorts, which recently became part of CPI through an indirect take over, after buying up a 61.95% share of Sunčani Hvar from Orco Group, has an obligation to publicly publish the offer for the purchase of remaining stock at 21.37 Kuna. The price is slightly higher than expected, but for the state, which demanded a starting price of 28 Kuna, still not at a satisfactory level.
The CERP Management Council, even with a technical government and dismissal of parliament can make decision on assets according to already set plans. The decision to sell Sunčani Hvar stocks was made a month ago by the management council presided by the head of DUUDI Tomislav Boban, populated by deputies of relevant ministries and representatives of unions and employers.
The new sale model hasn’t been discussed officially yet, but there is little chance CERP would find the public offer by Vitek’s companies acceptable. Selling stocks in more packages, possibly at a lower price than the one from the first round, would bring in a greater income than 16.5 million Kuna, currently offered by Vitek.
