The Croatian Privatization Fund (HFP) has not received any offers for the tenders to purchase majority state shares under special conditions for one kuna in three Dalmatian companies Adriachem, Imoti, and Trimot, it was learned today from the HFP after the deadline for submitting offers for these tenders expired.
The tenders for the purchase of majority state shares in these three companies under special conditions were announced by the HFP based on a decision of its Management Board and the consent of the Croatian Government at the beginning of April this year, with the deadline for submitting offers until today at 2 PM. It is learned from the HFP that during the tender process, not a single bid documentation was purchased for any of these companies, although members of the Management Board expected that under the special conditions of the tender they would find buyers, thereby resolving the long-standing operational issues of these companies.
However, given that there were no offers, some of these companies are now in bankruptcy, which was also mentioned by members of the HFP Management Board before the tender announcement. The Management Board of the Fund is expected to discuss the failure of these tenders and other related matters at its next meeting. Tenders for all three companies, Adriachem, Imoti, and Trimot, have been announced multiple times in recent years, including under special conditions, but there were no bidders, as all are burdened with significant debts to state and other creditors as well as employees. Thus, Adriachem from Kaštel Sućurac has had a blocked account since 2008 and is not conducting any business activities. The starting price in the recently concluded tender for 81.67 percent of the shares of this state-owned company was one kuna, similar to 94.58 and 97.78 percent of shares in Imoti and Trimot, companies from the Imotski area. (H)
