The Ministry of Economy Will Analyze the Letter of Intent from Uljanik for 3. Maj

The government, at today’s closed session, adopted a conclusion regarding the information on the received letter of intent from the Pula Uljanik for submitting an offer to purchase the Shipbuilding Industry 3. Maj, which Uljanik submitted to the Ministry of Economy.

As announced by the government, the Ministry of Economy is tasked with ‘analyzing the received letter of intent, proposing a timeline of privatization activities as well as the state administration bodies that will be responsible for the privatization process, with the aim of possibly initiating the procedure, based on Article 36 of the Law on Management of State Property, regarding the sale and transfer of shares of the Shipbuilding Industry 3. Maj.’

The relevant Ministry of Economy is required to submit a report on the actions taken to the Government of the Republic of Croatia within 15 days. Uljanik from Pula announced at the end of November that the Supervisory Board had given the Management prior consent to send the letter of intent to submit an offer to purchase the Rijeka 3. Maj. This was preceded by the privatization of Uljanik itself, which took place in two phases – employee shareholding (ESOP) and recapitalization.

Such privatization of Uljanik was announced by the government in the second half of June when it also presented a proposal for the privatization of Rijeka 3. Maj, which would be taken over by the privatized Uljanik.

The first phase of Uljanik’s privatization was carried out in July, during which former and current Uljanik workers subscribed to just under 1.3 million shares, and the assembly of the Pula shipyard made a decision at the end of August regarding the second phase, the recapitalization, which was carried out in November.

Based on the assembly’s decision from the end of August, Uljanik announced at the beginning of November a public call to interested institutional investors for the subscription of new ordinary shares, up to a maximum of 3,354,380 new shares, with a nominal value of 90.00 kuna per share, and the condition for the success of the issuance was the subscription and payment of at least 1,118,127 new shares.

At the end of November, Uljanik announced that the issuance of new shares was successful – 1,119,997 new shares were subscribed for which 100.8 million kuna was paid. It was also announced that the largest investors in the new shares of Uljanik were insurance companies with a share of 30 percent, pension funds with 25 percent, legal entities with 25 percent, and investment funds with 20 percent.