The Croatian Government, through its Centre for Restructuring and Sale (CERP), has reportedly initiated the sale process for Croatian shipbuilder 3 Maj.
The process is part of a series of privatisations being implemented by the Croatian Government to revive Croatia's shipbuilding industry amid rising costs, increased competition from Asian shipyards, and financial pressures caused by the Covid-19 pandemic and the Russia-Ukraine War.
Due to financial difficulties, 3 Maj had been forced to establish its own subcontractor to manage some of its shipbuilding projects.
The Croatian Government took over control of 3 Maj through a US$10.6 million debt-to-equity swap in January of this year. At the time of the take-over, 3 Maj's outstanding liabilities totalled approximately US$48 million.
According to tender documents released by CERP, the Croatian Government will sell its 100 per cent stake in 3 Maj to a selected private bidder for not less than US$7.9 million. Interested bidders have until November 17, 2025, to submit their proposals.
Prior to its take-over, 3 Maj had been involved in the construction of cruise ships and dry bulk vessels for overseas customers.