After two unsuccessful attempts at sale, the Croatian Privatization Fund (HFP) today announced a new public call for bids for the purchase of a 99.91 percent stake in the company Grain Processing from Grubišno Polje, which was established during the restructuring process of the dairy industry Zdenka from Veliki Zdenci.
With the new tender, the starting price for one business share, with a nominal value of 23.1 million kuna, has been set at up to 4.62 million kuna or 20 percent of its nominal price. The deadline for submitting bids expires on November 5 at 2 PM. In the first attempt to sell Grain Processing, HFP announced a starting price of 23.1 million kuna, which is the nominal value of that ownership package, while the starting price in the second attempt was reduced by 70 percent, to 6.93 million kuna. The main activity of the company Grain Processing is the production of milling products and animal feed, and the company was founded in June 2006 with a share capital of 20,000 kuna.
At the beginning of this year, HFP conducted a recapitalization of the company by investing assets – real estate and movable property worth 23,100,600 kuna, thereby increasing the company’s share capital to 23,120,600 kuna. Grain Processing has no employees nor does it carry out the activity for which it is registered, and the potential new owner, according to the tender conditions, must undertake the obligation to take over 45 workers from Zdenka. Of these, 23 Zdenka workers must be taken over in such a way that their continuity of employment achieved in that company is recognized and they must be retained for a period of at least two years. The remaining 22 workers can be dismissed by the new owner as technological surplus, but with the payment of severance pay according to the conditions of the Collective Agreement. Bidders must also commit to initiating production in the agricultural sector, with the priority in the tender being the production of milling products and animal feed, and this activity must be maintained for a minimum of five years. (H)
