Croatia’s Centre for Restructuring and Sale (CERP) has accepted Turkish shipyard Kuzey Star Shipyard’s €12.0535 million ($13.93 million) offer for about 97.13 per cent of Uljanik Brodogradnja 1856 shipyard in Pula.
The binding offer covers four business interests held by the Republic of Croatia. CERP assessed the bid as valid and compliant with the tender documentation, but the selection does not complete the transfer of ownership.
Kuzey Star is based outside the European Union and therefore qualifies as a foreign investor under Croatia’s Foreign Investment Screening Act. The acquisition must undergo a review before it can proceed.
CERP said it would conclude a sale and transfer agreement with Kuzey Star. The declaration allowing the interests to pass to the buyer will be issued only after the Finance Ministry determines that the investment is permissible.
The accepted price exceeded the tender’s starting price of about €11.08 million. The four interests have a combined nominal value of €34.38 million and together account for about 97.13 per cent of the shipbuilder’s share capital.
Kuzey Star committed to maintaining shipbuilding throughout the maritime concession area in Pula. Its obligations cover the construction and repair of ships and floating structures.
The Turkish company provides newbuilding, conversion, modernization, maintenance and repair services. Its repair division operates three floating docks and holds GTT certification, according to the company’s website.
CERP received another binding offer from Luxembourg-based Mira Finance Holding, but did not consider it after finding the submission invalid.
Mira Finance Holding supplied a copy of an order to pay the required bid bond. A subsequent examination of CERP’s accounts found that the payment, reported at slightly less than €111,000, had not been recorded.
Two binding bids were submitted by the August 18 deadline after nine interested investors purchased the tender documents needed to participate. CERP launched the sale process in June 2026.
Uljanik Brodogradnja 1856 was established as a separate company to restart shipbuilding in Pula in 2020 following the bankruptcy of the previous Uljanik enterprise. It is not the legal successor to Uljanik or Uljanik Brodogradiliste.
The Croatian Government acquired a 54.77 per cent holding in March 2024 from Uljanik Brodogradiliste, which was in bankruptcy proceedings. Its stated aims included paying accumulated wages owed to former employees and stabilizing the new company ahead of another sale.
The current tender combines that holding with three other state interests. At the time of the sale process, the yard employed about 300 workers directly, while firms active in the concession area had another 200 employees. Uljanik was also building vessel number 526 for live-cattle transport.
