The Czech holding company CE Industries submitted a binding bid to the Croatian government to buy a majority stake in Uljanik Brodogradnja 1856, the last remaining vestige of the bankrupt Uljanik shipyard in Pula, for €20 million, state agency Hina said on Wednesday in their summary of an article published by Jutarnji List daily.

CE Industries is looking to acquire a 54.8-percent stake in the state-owned Uljanik shipbuilding company, for 155 million kuna (€20.6 million). According to Jutarnji List, the same holding company had previously acquired the ailing Djuro Djakovic engineering company via their subsidiary DD Acquisition in September, in a €13.3 million deal.

The offer is valid for 45 days and also depends on the outcome of the ongoing due diligence. Hina did not report whether any other offers existed, whether the government is inclined to sell, or any financial data for Uljanik Brodogradnja 1856.

Should the deal go through, CE Industries reportedly promised to continue using the dock for building new ships, and “to supplement the production program with segments that it has specific know-how in,” as Jutarnji List cited the letter signed by the CEO of CE Industries, Adam Šotek.

The Czech holding company includes some 20 companies which deal in rail transport, recycling of raw materials and waste, and engineering. The holding employs 2,400 workers and its annual turnover is €350 million.

The once mighty Uljanik shipyard in Pula collapsed after years of crises in 2019. At the time, it had 1,400 employees. The surviving company, Uljanik Brodogradnja, has 500 workers today, and posted a 13.4 million kuna (€1.8 million) loss in 2021.