The Viadukt construction company announced the sale of its stake in the concessionaire of Zagreb Airport at a starting price of seven million euro. However, according to the company’s bankruptcy manager Milorad Zajkovski, there were no interested buyers. Therefore, the company will soon announce a new call, with the same initial price, reports Večernji List on January 12, 2019.
Viadukt owns a share of 5.11 percent in the ZAIC-A Limited company, which is registered in the United Kingdom and which won the Zagreb Airport concession tender. The rest of the shares are owned by French companies Aeroports de Paris Management (ADPM) and Bouygues Batiment International (BBI), each with a stake of 20.77 percent. The same proportion of shares is owned by the Marguerite fund, while IFC, the World Bank fund, holds 17.58 percent of ZAIC. Turkish TAV Airports has a share of 15 percent.
In order to construct the new passenger terminal of Zagreb Airport and manage it, ZAIC-A established the Međunarodna Zračna Luka Zagreb (MZLZ) company, to which the rights and obligations from the concession contract have been transferred. On December 5, 2013, MZLZ took over the management of the Zagreb Airport for the next 30 years.
Zajkovski admitted that he was surprised that he did not receive a single bid for Viadukt’s stake in ZAIC-A, adding that he expected other co-owners of the company to come forward and that everything would be finished quickly. However, he said that the price would remain the same in the second call.
Potential buyers must submit their annual financial reports for 2017, which will provide the basis for evaluation of whether they meet the required condition, which is that the potential buyers must have a net asset value of at least 50 million euro.
The share capital of MZLZ amounts to 543,427,700 kuna. The total investment in the new Zagreb Airport terminal is worth 331 million euro. Viadukt was one of the subcontractors in the construction of the new terminal and received jobs worth 650 million kuna.
The bankruptcy proceedings for the company, once one of the largest Croatian construction companies, were opened in October 2017. According to the latest bankruptcy administrator’s report, the value of Viadukt’s property is 251.7 million kuna, while movable assets amount to 395.1 million kuna.
After a court hearing, claims for liabilities amounted to 1.06 billion kuna. Given that the company’s long-term and short-term assets are estimated at 596.5 million kuna, this means that liabilities are double the amount of the company’s assets, according to a report by Zajkovski published in late November.
More news on the Zagreb Airport can be found in the Travel section.
Translated from Večernji List (reported by Josip Bohutinski).
