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Croatia To Launch Tender for Agricultural Company Vupik

Sep 11, 2009, 6:15:23 PMArticle by Kire Nedelkovski
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ZAGREB (Croatia), September 11 (SeeNews) – Croatia's government said it has adopted a decision that is paving the way for the privatisation of agricultural conglomerate Vupik.

Croatia To Launch Tender for Agricultural Company Vupik

The goverment said in a statement on Thursday that it has put the Croatian Privatization Fund, HFP, in charge of organising a tender for selling 1.251 million state-owned Vupik shares, which correspond to a 87.98% stake in the company.

The nominal value of the shares put up for sale exceeds 500.5 million kuna ($99 million/68 million euro) but the starting price will be one kuna, the statement added.

Bidders have to agree to keep the company’s headquarters in the eastern town of Vukovar, keep the core business and all employees for at least three years and to present a five-year business plan and an investment program.

Three tenders for the privatisation of Vupik failed in the last 3 years due to lack of investor interest.

(1 euro = 7.3229 Croatian kuna)

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