December 27 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP] said on Wednesday it submitted a binding bid for a 55.48% stake in local peer Hoteli Makarska to the state-run center for enterprise restructuring and privatisation, CERP.
Valamar has signed a cooperation agreement with pension fund manager Allianz ZB to act jointly towards acquiring the stake in Hoteli Makarska, it said in a filing with the Zagreb Stock Exchange.
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In November, CERP set the minimum asking price for the majority stake in Hoteli Makarska at 150.1 million kuna ($23.7 million/19.9 million euro).
Makarska notified the bourse that CERP will seek 241.65 kuna for each of 621,086 shares in the hotel company in its call for binding bids. It said at the time that CERP has received 26 non-binding bids for the majority stake in Hoteli Makarska.
Croatia has unsuccessfully tried to sell Hoteli Makarska in the past.
(1 euro=7.54005 kuna)