Binding offers for Immunology Institute to be invited soon

The Croatian government on Friday decided to invite binding offers for the purchase of 157,997 or 54.38% of shares in the Zagreb-based Immunology Institute, setting the initial price at HRK 49.30 per share.

The controlling block of 25% plus one share will remain in the ownership of the Croatian Health Insurance Fund (HZZO).

A prospective buyer will be required to ensure investment of at least HRK 100 million for the construction of a new production plant, as a result of which the Institute will be granted long-term licences for the production of viral and bacterial vaccines from human and animal plasma and allergens and preparations from animal blood. The buyer will also have to maintain production in Croatia and ensure production of blood derivatives solely from plasma collected from the people of Croatia.

The deadline for the completion of the investment cycle is one year from the signing of the sales agreement and the transfer of shares. The invitation to submit binding offers will be published by the Restructuring and Sale Centre (CERP) within the next 15 days, after which interested investors will have 30 days to do so.

Economy Minister Ivan Vrdoljak said that the Immunology Institute's business operation had stabilised and all backlog salaries had been paid.

Non-binding offers for the purchase of 73.41% of government shares and recapitalisation of the Immunology Institute were invited in May last year and eight letters of intent have been submitted, including three from foreign investors.

(EUR 1 = HRK 7.6)

(Hina) vm

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