Offers for Uljanik Shipyard Being Evaluated

Total Croatia News

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ZAGREB, January 28, 2019 – The CEO of the Uljanik shipyard, Emil Bulić, and the Minister of Economy, Darko Horvat, on Monday confirmed receipt of offers for the Uljanik Group, but did not specify their number or the names of potential strategic partners, saying that the bids were being evaluated.

“We will be able to discuss the bids more specifically after the completion of talks with the bidders,” Bulić told the press at the Ministry of Economy, adding that consultations were under way with the Supervisory Board, representatives of the Ministry and social partners.

Asked how many offers had been submitted, Bulić said that their number was irrelevant. “Talks are in progress, and that is very sensitive information,” he said, adding that the number of the bids would be revealed after their evaluation in the coming days.

Bulić expressed hope that the offers would be evaluated this week, but noted that the process would last until a consensus was reached.

Asked about the selection criteria, Bulić said that these were sustainable shipbuilding at the 3. Maj shipyard in Rijeka and the Uljanik shipyard in Pula, and the provision of liquidity for the functioning of the system.

Minister Horvat announced talks with all interested parties for Tuesday, adding that Uljanik’s management would be given the next few days to analyse the offers and inform the Ministries of Finance and Economy about their details. “The final decision rests on the management,” he said.

Earlier in the day, the Uljanik management reported via the Zagreb Stock Exchange it had received offers from interested potential investors, without specifying how many and from whom.

The management recalled that due diligence had been conducted at the company from December 27 to January 24, and that the deadline for the submission of bids had expired at 8pm on January 25.

The management continues the process of selecting a strategic partner. Together with the supervisory board, it is considering the offers and is in consultation with potential investors, social partners and state institutions involved in the restructuring process, it said in a statement.

Unofficial sources said on Sunday that apart from the Italian shipbuilding group Fincantieri, Australia’s Scenic Group and the Maritime Institute of Split were also interested as potential strategic investors.

More news on the shipbuilding in Croatia can be found in the Business section.


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