April 11 (SeeNews) - Croatia's centre for enterprise restructuring and privatisation, CERP, said on Wednesday Swiss company Immo Invest Partner has signed a deal to buy state-owned tourism company Club Adriatic for 54 million kuna ($9 million/7.3 million euro).
Under the terms of the agreement, Immo Invest Partner will take control of the entire capital of Club Adriatic, CERP said in a statement.
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In this way, the Croatian government has successfully completed the privatisation of Club Adriatic about 17 years after it was founded by the former Croatian Privatisation Fund, CERP's legal predecessor, with the goal of reconstructing resorts, hotels and camping sites formerly used by members of the military for tourism purposes.
In December, CERP said the Swiss company lodged the sole binding bid in the tender for the sale of 100% shareholding interest in Club Adriatic.
Since October 10, 2014 Club Adriatic has been in a pre-bankruptcy procedure, which is currently at standstill because of administrative disputes.
(1 euro = 7.42742 kuna)