From Borovo, they cannot confirm or deny that Stipe Latković is a potential investor in the company?

Split entrepreneur Stipe Latković is interested in acquiring Borovo, reported Poslovni dnevnik. However, this news has not been confirmed, and Poslovni dnevnik reminds that a call for expressed interest in Borovo in April sought a strategic partner who would recapitalize the company and participate in the implementation of the restructuring plan. From Borovo and the Center for Restructuring and Sale (CERP), as the owner of the company, it was confirmed to Lider last week that one investor has shown interest, but they could not say who it was at that time as the potential investor insisted on confidentiality.

However, local Dalmatian media have written that this investor could be Latković, through which Poslovni dnevnik obtained this information. We sent an inquiry to Borovo, from which they informed us that they cannot confirm or deny that Latković is a potential investor in the company, only stating that it is a domestic company that could invest in Borovo.

Latković is known to the public for illegal construction in the Vruja bay and his alleged good connections with the President of the Republic Zoran Milanović, and in entrepreneurship, he is primarily perceived as a builder with his company Point, although the highest revenue from all his companies is generated by Dr. Luigi, which deals with the production of medical footwear.

Hence, it is assumed that Latković’s interest in Borovo stems from this. His medical footwear is distributed through pharmacies and orthopedic aid stores in Croatia and the rest of the EU, as well as in Russia, Ukraine, and Belarus. Last year, this company achieved six million euros in revenue (Borovo 12.4 million euros).

Lider analyzed Borovo’s business in the last issue and wrote about the potential investor. However, no one has mentioned when the interested investor might make a final decision, but it is expected that they will know where they stand by the end of the year. In the meantime, CERP is monitoring and analyzing all possible options for stabilizing the business, primarily taking care of employees, but the state has already helped significantly in the past few years by extending the repayment of a loan amounting to 6.1 million euros taken from Croatia Bank and HBOR.

– It is a fact that Borovo persistently withstands all business challenges thanks to the assistance of the Government of the Republic of Croatia in the form of pledged shares, and in recent years also the extension of loan repayments, which shows the concern of the majority owner due to the importance and sensitivity of the company at the local level. Direct assistance is neither possible nor allowed, given the strict rules of the European Commission regarding the state taking on the role of an investor – they say at CERP.

We also sent an inquiry to Stipe Latković and will publish his response when he sends it to us.