The management and supervisory boards of Pula-based Uljanik shipyard have chosen the Croatian shipbuilding company Kermas Energija for strategic partnership in its recapitalisation, the company said on Wednesday.

State-owned Uljanik said it had received binding letters of intent from three bidders – the Hong Kong-based Asian Bond Ventures, and two privately owned Croatian companies, the Samobor-based DIV and Zagreb-based Kermas Energija. Kermas already runs the Brodotrogir shipyard in the city of Trogir.

Kermas Energija is expected to help Uljanik complete and implement a restructuring plan in line with a government decision made in January, when the government issued a €96 million state guarantee under the condition that the group increases its equity by bringing in a strategic partner and launches a restructuring plan.

In mid-February, existing Uljanik shareholders voted to increase company’s equity by 180-302 million kuna (€24-40 million). After the adoption of the restructuring plan, the strategic partner will become a shareholder in Uljanik.

(€1 = 7.44 Croatian kuna)