The Center for Restructuring and Sale (CERP) has announced public calls for binding offers for the purchase of 68.94 percent of shares of the Dubrovnik company Hotels Maestral at an initial price of 126.8 million kuna, and three business shares in the company Club Adriatic at an initial price of 48.5 million kuna.
>>>CERP Established Initial Prices for Club Adriatic and Hotels Maestral
Both for Hotels Maestral and for Club Adriatic, a company that manages several hotels, camps, and tourist resorts on the Adriatic, these are repeated calls, after no buyer was found in previous announcements over the last decade.
Now, the deadline for binding offers for the purchase of 355,520 state shares or 68.94 percent of the share capital of Hotels Maestral is until October 22 at 2 PM, and these offers can be submitted by both domestic and foreign interested bidders if they purchase the bidding documentation, which costs 100 thousand kuna, as stated in the call.
The total nominal value of the shares being sold is 71.1 million kuna.
Bidders must purchase the bidding documentation no later than 48 hours before the deadline for submitting offers, otherwise, the offer will not be considered, as well as if a bidding guarantee of 2.53 million kuna is not attached, which can be a bank guarantee from a domestic or foreign bank or can be paid as a deposit to the CERP account.
The call also notes that CERP will be guided by the highest offered price when deciding on the selection of the most favorable offer.
>>>Hotels Maestral Increased Revenue by 47 Percent in the First Quarter with a Loss of 7.3 Million Kuna
Similar conditions apply for the purchase of three shares in Club Adriatic, for which the deadline for binding offers is September 21 at 2 PM.
The three business shares in Club Adriatic are being sold for an initial price of 48.5 million kuna, and they have a total nominal value of 120.9 million kuna. The condition for accessing the tender is the payment of 100 thousand kuna for the bidding documentation, without which the offers will not be considered.
In the spring of this year, CERP received 24 non-binding offers for the purchase of state shares of Hotels Maestral. Prior to that, in February, there were as many as 40 letters of intent received in the tender, and after that, only one binding offer was submitted, which was rejected because the bidder – the Czech company J&T IB Capital Markets, offered 114.2 million kuna, which was the initial price, while more was expected, as well as a higher amount of investment.
The Minister of State Property Goran Marić has stated several times afterward that more is expected and can be obtained for the shares and investments in Hotels Maestral, as this company is located in an attractive Dubrovnik location and operates positively, and he is confident that the second attempt at sale will be successful.
>>>Club Adriatic Sold to Swiss Immo Invest for 54 Million Kuna
Hotels Maestral is the last major hotel company in Croatia that is predominantly state-owned. Last year, they operated for the fifth consecutive year with a net profit of 4.1 million kuna, which is 7 percent higher than in 2016.
