January 11 (SeeNews) - Croatian shipyard 3.Maj [ZSE:3MAJ] said on Tuesday it received the green light to complete the construction of a bulk cargo vessel for Canadian marine shipping company Algoma Central Corporation.
On January 11, the supervisory board of 3. Maj gave its consent to the shipyard's director to sign a contract with the Canadian company for completion of the construction of Vessel 527, the shipyard said in a filing to the Zagreb bourse.
In September, the 3. May shipyard said it was buying Vessel 527 for a token price of one kuna. According to earlier media reports, the vessel under construction was part of the assets of bankrupt Croatian shipyard Uljanik.
Shares of the 3. Maj last traded on the Zagreb bourse on December 21, when they closed at 14.90 kuna ($2.25/1.98 euro), down 59.73%.
(1 euro=7.522 Croatian kuna)