Four Investors Interested in Uljanik Shipyard

Total Croatia News

ZAGREB, October 17, 2018 – At a regular general meeting on Tuesday which lasted nine hours, shareholders of the Pula-based Uljanik shipyard elected only one new supervisory board member, Nenad Kapuralin, and the Commercial Court in Pazin will appoint two more so the board can function.

Uljanik’s supervisory board has five members and needs to have at least two so it can function.

Only Kapuralin received 51.66% of the votes of the shareholders present. During the vote on other members, representatives of the state and the Adris Group abstained, so the group of workers fighting for the dock’s survival first threatened to and then did leave the meeting, thinking it would not go on for lack of quorum.

However, the Shareholders’ Assembly continued the meeting as it had a quorum, so the workers came back, although they no longer had the right to vote, saying themselves they “were at the meeting only as observers.”

Workers and small shareholders have a 47% stake in Uljanik, the Croatia Osiguranje insurance company, which is a member of the Adris Group, has 9.93%, the Adris Group has 2.47%, the state has 7.74%, the state-owned Restructuring and Sale Centre (CERP) has 2.27%, the Capital Fund has 6.62%, the Fund for the Dismantling of the Krško Nuclear Power Plant has 4.97%, the state-owned Croatian Health Insurance Fund has 3.88%, the PBZ Croatia Osiguranje compulsory pension fund has 3.97% and Erste Plavi, another compulsory pension fund, has 3.31%.

Speaking on Nova TV about the shareholders’ meeting, Economy Minister Darko Horvat said there were four potential investors for Uljanik – Ukraine’s Smart Holding, Italy’s Fincantieri, the Dutch Damin and the Royal IHC.

Also on Tuesday, Uljanik shareholders did not endorse a 2017 report by the supervisory board nor a report by the management board and its chairman Gianni Rossanda on the situation in the dock and its business in 2017.

Asked about the management’s debt over the past three years, Horvat said that in March 2018 it amounted to 757 million euro.


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