Croatia's Centre for Restructuring and Sale (CERP) has accepted a binding offer from Istanbul-based Kuzey Star Shipyard to acquire a controlling stake in Pula shipbuilder Uljanik Brodogradnja 1856.
The Turkish company bid €12,053,500 (US$13.5 million) for four state-owned business shares representing 97.13 per cent of the company's share capital. The offer exceeded the tender's starting price of €11,085,250 (US$12.4 million).
The shares have a total nominal value of €34,384,080 (US$38.5 million).
CERP said Kuzey Star had agreed to keep the yard building and repairing ships, as well as constructing floating structures, across the maritime area covered by its concession. Retention of shipbuilding activity at the site was a condition of the tender.
CERP will conclude a sale and transfer agreement with Kuzey Star, and the shares can only change hands once the Ministry of Finance issues a decision permitting the investment under Croatia's Foreign Investment Screening Act, as the buyer is based outside the European Union.
A competing binding offer from Luxembourg-based Mira Finance Holding was deemed invalid and was not evaluated.
CERP said that although the bidder provided a copy of an order showing payment, the required bid guarantee had not been recorded in the agency's account.
The Croatian Government has also approved a €1.85 million (US$2.07 million) loan from CERP to Uljanik Brodogradnja 1856.
According to a government document, the company had notified CERP of operating disruptions and requested the loan to address them and to ensure conditions for completing the sale.
CERP launched the tender on June 18, 2026. Nine investors bought tender documentation and two binding offers were received.
Uljanik Brodogradnja 1856 was established to restart shipbuilding in Pula after bankruptcy proceedings opened against Uljanik and Uljanik Brodogradilište in May 2019. The government transferred the shipbuilding concession to the new company in 2020, specifying that it was not the legal successor to either entity.
Uljanik Brodogradnja 1856's portfolio currently includes livestock carriers and fishing vessels.