ZAGREB (Croatia), September 21 (SeeNews) – The Croatian Privatisation Fund, HFP, said it has opened a tender for 87.98% of agricultural conglomerate Vupik, setting a starting price of one kuna.
The bidding deadline is October 22, HFP said in a statement posted on its website.
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As part of the selection of the best candidate, in addition to the price offer for the package of 1,251,163 shares, the HFP said it will also require that the bidder meet a set of mandatory conditions that include a minimum investment of 150 million kuna ($30 million/20.6 million euro) over the first two years, keeping the company’s headquarters in the eastern town of Vukovar, preserving the core business and all employees for at least three years, and presenting a five-year business and investment programme.
Vupik had a payroll of 847 on June 30, 2009, the statement said.
The value of the company's assets totalled 921.3 million kuna on December 31, 2008 while its obligations added up to 476.5 million kuna on June 30, 2009, it added.
Three tenders for the privatisation of Vupik have failed in the last three years due to lack of investor interest.
(1 euro=7.3229 Croatian kuna)