Croatia: Brodosplit Shipyard to Receive New Owner

According to the statement made last night, Nov. 28th, by the Croatian Minister of Economy Mr. Ivan Vrdoljak, Brodosplit Shipyard is about to receive a new owner. The investor DIV Ltd. and the Croatian Government yesterday signed the final agreement for the acquisition of Brodosplit.

The first tender for the privatization of Brodosplit was announced in August 2009 and DIV Ltd., as the best bidder, was selected eight months ago. The Government agreed to invest approx. $206.6 mln for restructuring of Brodosplit while DIV needs to keep production running at least until 2017.

The further course of privatization of the shipyard primarily depends on the evaluation of sustainability of the restructuring programme by the European Commission. If the European Commission establishes that the restructuring programme for the shipyard is sustainable and that they, as such, meet the tender conditions, the Government of the Republic of Croatia will continue the privatization process of Brodosplit.

[mappress]

Shipbuilding Tribune Staff, November 29, 2012