Croatia Opens Privatisation Tenders for Four Hotel, Tourism Companies

The bidding deadline for all four companies is December 28, the Croatian Privatisation Fund said in four separate tender notices posted on its website.

The successful bidders in all four tenders are required to retain the core business of the respective company, keep payroll numbers intact for a period of two years after the signing of the sale contract and present a five-year business plan, among other conditions.

Hotel Medena (www.hotelmedena.com) is located four kilometres from the Adriatic port of Trogir. As of June 30, total assets of the company amounted to 293.9 million ($60.4 million/40.6 million euro) kuna with total liabilities at 104.8 million kuna, HFP said. The state's 211,082 shares, representing 53.6% of the company's share capital, are being offered for sale at a starting price of 63.3 million kuna. The minimum investment commitment in the tender for Hotel Medena is set at 20 million kuna.

Modra Spilja, headquartred in Komiza, on the Adriatic island of Vis, had total assets of 69.6 million kuna and total liabilities of 53.4 million kuna as of June 30, HFP said. The call price for the 42.59% stake on offer is set at 7.877 million kuna.

Hoteli Podgora (www.hotelipodgora.com), headquartered in Podgora, on the Adriatic coastline of Dalmatia, operates three hotels. As of June 30, the total assets of the company amounted to 269.6 million kuna and total liabilities stood at 134.4 million kuna, HFP said. The starting bid price for the 55.67% on offer is 11.315 million kuna.

Hoteli Zivogosce (www.hoteli-zivogosce.hr), headquartered in Zivogosce, southern Dalmatia, operates two hotels and a camping site. On June 30, the company's assets and liabilities both amounted to 135.2 million kuna. The starting bid price for the 75.21% on offer is 16.849 million kuna.