REPUBLIKA HRVATSKA
HRVATSKI FOND ZA PRIVATIZACIJU
Ivana Lučića 6, 10000 Zagreb
In accordance with the Privatization Law (Official Gazette 21/96, 71/97, 16/98 and 73/00) and the Decision of the Management Board of the Croatian Privatization Fund (hereinafter: Fund) Ref: 024-04/05-03/1; 563-01-01/14-2005-15 dated January 14, 2005 the Fund hereby announces:
The shares that are offered for sale in this procedure are from the portfolio of the following shareholders: Croatian Privatization Fund and State Agency for Saving Deposit Insurance and Bank Rehabilitation.
Brief profile of the Company: Core business: hotel and hospitality industry. Company owns and operates five hotels, located along one street in the Lapad bay. Their distance from the Old Town of Dubrovnik is 3,5 km and 25 km from the international air-port Ćilipi. Hotels being located near each other offers possibilities for various types of tourist services, as well as possible development of additional facilities. As of September 30, 2004 the total assets of the Company amounted to Kuna 151.424.560,00 while total liabilities amounted Kuna 88.059.913,00
Total registered share capital of the Company: Kuna 103.144.000,00
The total registered capital of the company is divided into: 515.720 shares
Face value per share: Kuna 200,00
Number of shares offered for sale in this procedure: 360.802
Percentage in the total registered share capital: 69,96 percent
Starting bidding price: Kuna 72.160.400,00
Company registration: Commercial Court in Dubrovnik under MBS: 060008247
Number of employees: 245
In the process of selection of the best bidder, except the amount offered for share purchase, the Fund will especially value the willingness of the bidder to:
· commit to keep the current number of employees in the period of 1 (one) year from the date of execution of the Contract on the sale and transfer of shares and/or undertake to implement the program for possible redundant number of employees in accordance with applicable laws of the Republic of Croatia and/or offer to create new jobs if proposed in the “Business plan”;
· offer an “Investment program” for the Company (technical structure and time frame of investment realization, amount of the required financial means, finance sources and mode of investment, introduction of new services, know-how, etc.);
· offer a “Business plan” for the Company in the next 5 (five) year period;
· commit not to sell nor hypothecate neither the real estate nor shares of the Company without previously obtained consent of the vendor in the period of 1 (one) year from the date of execution of the Contract on the sale and transfer of shares;
· offer to provide substitute guarantees for Company's debt guaranteed by the Croatian state;
· encloses a letter of intent or other document to guarantee that the Company will become a part of one of the world famous hotel chains/brands;
· offer acceptable instruments to guarantee the fulfillment of the assumed obligations.
The deadline for submission of bids: March 29, 2005 by 14,00 Hours.
The procedure of bid submission and selection of the best bidder is being implemented in accordance with regulations prescribed in the Tender documentation. The bidder is expected to buy the Tender documentation minimally 48 Hours before the final deadline for bid submission. Bids that are not delivered and executed in accordance with Tender documentation will be rejected. The Bidders are expected to reference their name on the receipt evidencing the payment for Tender documentation. The bids submitted by Bidders that did not reference their respective names on the payment receipt evidencing the effected payment of the price for Tender documentation will be considered invalid and will not be taken into consideration.
The price of Tender documentation in the amount of Kuna 15.000,00 is payable to Croatian Privatization Fund’s account No.: 2340009-1105010031 at Privredna banka Zagreb d.d. – referencing the number 32922 and name of the Company that is offered for sale in this procedure. Foreign bidders can effect the payment of the price for Tender documentation in foreign currency by transferring EUR 2.000,00 to the Croatian Privatization Fund’s foreign currency account No. 7121900-VAL-315811 (SWIFT:PBZGHR2X) at Privredna banka d.d. also referencing the name of the Bidder and the name of the Company offered for sale in this invitation.
Upon presentation of the payment receipt evidencing the effected payment of the price for Tender documentation and delivery of contact information, the bidder will receive a Confidentiality Agreement form that he is expected to sing and return to the Fund. The Confidentiality Agreement can also be found at the web site of the Fund (www.hfp.hr). Upon return of the signed Confidentiality Agreement and received payment for the Tender documentation the bidder can either collect the Tender documentation in the premises of the Fund in person or it can be sent to him by mail or delivery service if the headquarters of the bidder is abroad.
After having purchased the Tender documentation the bidder can request that the Fund issues him with an authorization to perform his own “due diligence” in the Company.
The bid guarantee made to the amount of 2% from the starting bidding price above mentioned must be enclosed with the bid. Bids with no bid guarantee enclosed will not be taken into consideration.
Contact information:
Croatian Privatization Fund
Ivana Lučića 6
10000 Zagreb
Tel: + 385 (0) 1 45 96 214
+ 385 (0) 1 45 96 378
Fax: + 385 (0) 1 61 15 568
Web site: www.hfp.hr
e-mail: investcroatia@hfp.hr