August 8 (SeeNews) - Croatian state-owned fertilizer producer Petrokemija said it has extended the deadline for submitting binding offers under its call for recapitalisation to September 22.
The deadline was extended by the board of directors of Petrokemija upon the request of interested investors, the company said in a filing with the Zagreb Stock Exchange on Monday.
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The company has also extended the deadline for completion of the due diligence process conducted by potential investors to August 31, it added.
The deadline for placing binding bids was initially set for September 1 and the due diligence deadline was August 15.
The recapitalisation of the company was agreed with the Croatian government in April when it issued guarantees for two long-term loan deals signed with state-owned development bank HBOR and Hrvatska Postanska Banka, as well as a short-term financing deal with Erste&Steiermarkische Bank.
The aim of the recapitalisation is to modernise the manufacturing facilities, provide sources of financing, improve the company's position on the domestic and regional markets, and to raise the level of efficiency of maintenance, logistics and other services.
The Croatian government controls some 80% of Petrokemija.