January 9 (SeeNews) - Croatia's state-run Center for Enterprise Restructuring and Privatisation, CERP, has extended the deadline for the submission of binding bids for a 70.74% stake in hotel operator Jadran, the company said on Tuesday.
The new deadline is January 15, Jadran said in a filing to the Zagreb Stock Exchange.
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In a separate press release, Jadran disclosed that CERP had received 22 non-binding bids for the state-owned stake in the hotel company, following which the initial price of the 34,754,768 shares for sale was set at 193.9 million kuna ($31.1 million/26 million euro).
The future owners are also obliged to recapitalise the company with at least 200 million kuna, Jadran disclosed also on Tuesday. The recapitalisation must take place within 6 months following the signing of the sales deal.
Jadran exited bankruptcy proceedings in 2014, following which the Croatian state and CERP became its largest shareholders with a combined stake of over 70%.
Crikvenica-based Jadran operates eight hotels, two car camps and a holiday village.
In November, CERP said it had received 88 non-binding bids for majority stakes in three hotel operators: Jadran, Hoteli Maestral (68.94%) and Hoteli Makarska (55.48%).
At the end of December, CERP disclosed that two binding bids were received for Makarska - from local meat producer Mesna Industrija Braca Pivac and hotel operator Valamar Riviera [ZSE:RIVP].
Mesna Industrija Braca Pivac offered to pay 155 million kuna for the stake, or 4.9 million kuna above the initial price of 150.1 million kuna, while Valamar bid 172.7 million kuna.
Prague-based J&T IB Capital Markets was the sole bidder for the majority stake in Hoteli Maestral, offering to pay the initial price of 114.3 million kuna.
(1 euro=7.44655 kuna)