The Supervisory Board of Uljanik has granted approval to the management for the opening of a data room and the conduct of due diligence for Uljanik, for potential investors in the recapitalization process, it was announced on Wednesday on the Zagreb Stock Exchange website.
So far, it is stated that two letters of intent from strategic partners have been received. The due diligence will be conducted from February 15 to March 8, 2018, from 9 AM to 3 PM.
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On January 11 of this year, the government authorized the Ministry of Finance to issue a state guarantee in the amount of 96 million euros in favor of Hrvatska poštanska banka and/or other commercial banks in the country or abroad for the credit indebtedness of Uljanik Shipyard for the implementation of rehabilitation and financial consolidation. This guarantee became active upon approval from the European Commission on January 22.
Deputy Prime Minister and Minister of Economy Martina Dalić stated at that time that the European Commission’s decision to approve the state guarantee for Uljanik is not a permanent solution for that shipyard and that restructuring and the selection of a strategic partner should be approached as soon as possible.
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On Tuesday, at a press conference of the unions operating in Uljanik, the president of the Metalworkers’ Union of Croatia, Vedran Dragičević, stated that the Italian shipyard Fincantieri from Monfalcone and the Dutch Damen Group, one of the largest shipbuilding groups in the world, as well as Danko Končar and the Neapolitan Palumbo Group, are interested in the recapitalization of Uljanik.
According to him, so far, two letters of intent for the recapitalization of the shipyard have been received, namely from Danko Končar and the Palumbo Group.
