The Croatian Privatization Fund (HFP) has announced a public call for the collection of bids for the purchase of 86.37 percent of Adirachem shares from Kaštel Sućurca, at a starting price of one kuna, along with several conditions that bidders must commit to. HFP is selling 538,562 shares of Adirachem from the state portfolio through this new tender, with the deadline for submitting bids set for April 20 at 2 PM.
In the past year, this is the third tender for the sale of the majority stake in Adirachem. No bids were received for the first tender and sale at nominal price, and there were no bids for the second tender at a price of 10 percent of the nominal value, with only a letter of intent from the Zagreb company Kemokompleks being submitted. The new tender for Adirachem is being sold under special conditions, namely at a starting price of one kuna, but also with ten conditions that bidders must commit to.
Potential buyers must submit a five-year business plan clearly indicating expected changes in the number of employees, as well as other assumptions related to employees. Adirachem currently has 256 employees. Bids must also include an investment plan, the amount deemed necessary to ensure the long-term profitability of the company, and a commitment to fully assume the existing Collective Agreement during its validity.
Bids must also include a discount for the purchase of overdue state receivables, which amounted to 65.35 million kuna at the end of November last year. Bidders are required to commit to settling all overdue obligations of Adirachem to employees, which amounted to 18.43 million kuna at the end of November 2006. Potential bidders must also commit to fully settling other existing obligations of the company to other creditors, which amounted to 20.15 million kuna at the end of November last year.
