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Croatia invites buyers for two hotel operators

Author Maja Garaca
Croatia invites buyers for two hotel operators Jadran's hotel Kastel. Author: Jadran. License: All rights reserved.

ZAGREB (Croatia), November 6 (SeeNews) - Croatia's state-run Center for Enterprise Restructuring and Privatisation, CERP, said it has invited expressions of interest in the purchase of a 55.48% stake in Hoteli Makarska and a 70.74% stake in another hotel operator, Jadran.

CERP is planning to sell a total of 621,086 government owned shares of Hoteli Makaraska, worth a nominal 124.2 million kuna ($19.1 million/16.5 million euro) in total and 34,754,768 shares of Crikvenica-based Jadran, worth a nominal 347.5 million kuna, it said in a notice published over the weekend.

The deadline for expressions on interest in the hotel operators is November 13.

"Interested investors are invited to submit letters of intent to purchase shares in the joint-stock companies. Letters of intent shall be submitted for each company individually", CERP noted.

Once letters of intent have been received, CERP will determine the initial price and invite binding bids from those investors who have submitted their expressions of interest.

Croatia has unsuccessfully tried to sell the two hotel operators in the past.

(1 euro=7.5367 kuna)