Croatia sets minimum sale price of majority stake in Hoteli Maestral

The state-run CERP will seek 321.42 kuna apiece for 355,520 shares in the hotel company under a call for binding bids, which should be launched soon, Maestral said in a filing to the Zagreb Stock Exchange.

Last week, CERP said it has received 88 non-binding bids for majority stakes in three hotel operators, including Maestral.

The procedure for public bidding is being conducted in two rounds, the first of which was concluded on November 13. CERP said at the time it will invite binding bids from those investors who have submitted their expressions of interest after determining the initial price.

The stake in Hoteli Maestral intended for sale is worth a nominal 71.1 million kuna, it also said.

An earlier call for the sale of Maestral failed in September 2016 after CERP received no binding bids.

(1 euro=7.56173 kuna)