November 19 (SeeNews) - Croatian hotel operator Jadran [ZSE:JDRN] has signed a contract with Croatia's centre for enterprise restructuring and privatisation, CERP, for the purchase of state-owned tourism company Club Adriatic, Jadran said on Monday.
Jadran will acquire 100% shareholding interest in Club Adriatic for a price of 50.5 million kuna ($7.8 million/6.8 million euro), the hotel company said in a filing with the Zagreb Stock Exchange.
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Jadran placed the sole offer in a call for binding bids for the purchase of Club Adriatic for at least 48.5 million kuna, launched by CERP in August.
Club Adriatic was founded some 17 years ago by the former Croatian Privatisation Fund, CERP's legal predecessor, with the goal of reconstructing resorts, hotels and camping sites formerly used for tourism purposes by members of the military.
Since October 10, 2014, Club Adriatic has been in a pre-bankruptcy procedure, which is currently at a standstill because of administrative disputes.
(1 euro = 7.42667 kuna)