May 4 (SeeNews) - Croatia's Uljanik d.d. shipbuilding group which is undergoing bankruptcy proceedings said on Tuesday that it is inviting expressions of interest in the purchase of the entire 88.27% stake it is holding in local 3. Maj shipyard [ZSE: 3MAJ].
The deadline for submitting letters of interest will expire on August 27, Uljanik said in a filing with the Zagreb Stock Exchange (ZSE).
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Potential investors will be able to carry out due diligence at 3. Maj after September 13.
Uljanik d.d. owns 1,249,568 ordinary A-series shares and 350,000 ordinary B-series shares in Rijeka-based 3. Maj shipyard. Only the A-series shares are listed on the ZSE.
The share capital of 3. Maj amounts to 181.2 million kuna ($28.7 million/24.2 million euro).
The decision for the receiver of Pula-based Uljanik to issue a pubic call for the acquisition of the 88.27% interest in 3. Maj was approved by the board of creditors at Uljanik d.d. on May 28, according to the filing.
The net loss of shipyard 3. Maj expanded by 24.9% year-on-year to 8.8 million kuna in the first quarter of 2021.
The bankruptcy proceedings against Uljanik d.d. and Uljanik shipyard were launched in May 2019 at the request of Croatia's financial agency FINA due to their overdue debt.
3. Maj avoided the launch of bankruptcy proceedings in September 2019 after the government decided to issue guarantees for a 150 million kuna loan from state-owned development bank HBOR in favour of the shipyard.
Shares of 3. Maj last traded on the ZSE on January 20, 2020, when they closed flat at 37 kuna.
(1 euro = 7.4869 kuna)