January 16 (SeeNews) - Croatia's state-run Center for Enterprise Restructuring and Privatisation, CERP, has received one binding bid for a 70.74% stake in hotel operator Jadran, the company said on Tuesday.
The bid was submitted jointly by mandatory pension fund manager PBZ Croatia Insurance and its pension funds A and B, as well as
mandatory and voluntary pension funds management company Erste and its funds Erste Plavi B, Erste Plavi A and Erste Plavi Expert, Jadran said in a filing to the Zagreb Stock Exchange.
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PBZ Croatia and Erste bid 199.8 million kuna ($32.9 million/26.9 million euro) for the stake, or 5.9 million kuna above the starting price.
Jadran said earlier that besides paying the purchase price, the future owners are also obliged to recapitalise the company with at least 200 million kuna.
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 campsites and a holiday village.
(1 euro=7.42964 kuna)