September 1 (SeeNews) - Croatian shipyard 3.Maj said on Wednesday that no bids were placed for a majority stake in the company held by its peer Uljanik d.d.
Shipyard 3.May notifies the investment community that the pubic invitation for expressions of interest in the purchase of an 88.27% stake that Uljanik d.d., which is in bankruptcy, holds in 3. Maj shipyard closed on August 31 without the submission of official bids, Rijeka-based 3.May said in a filing to the Zagreb bourse.
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Pula-based 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 is 181.2 million kuna ($28.6 million/24.2 million euro).
In the first quarter, its net loss expanded by 25% year-on-year to 8.8 million kuna.
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.
Shipyard 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 August 27, when they closed flat at 37 kuna.
(1 euro = 7.489 kuna)