Second public auction for the sale of the Uljanik shipyard has failed

The Pula-based Uljanik shipyard, which is state-owned, continues to sink deeper and deeper into ruin. Namely, the second public auction for the sale has also failed, as not a single bidder came forward to buy a majority stake in the company. Even in spite of the fact that it was being offered at €13 million, which is only half of its estimated market value.

Uljanik is currently building a 22-meter long fishing boat for a Norwegian customer, and works, according to the company, are on schedule. The construction of a special floating dock with six pontoons for an Israeli client is however, running a little overdue. However, there are no new jobs on the horizon, as the company doesn't have a new owner. The state, the current owner, has been trying unsuccessfully to sell the company for 13 months. The company’s management is upset by the fact that last year the state rejected an offer of €20 million that was offered by a Czech investor.

Over the past few months, the company’s accounts have been blocked three times, delaying the payment of salaries to the three hundred odd remaining workers, who are still hoping for a turnaround in the company.

Commenting on today’s failed auction, the president of the Jadranski Sindikat metalworkers union, Boris Cerovac, said that the result was not unexpected: "This was completely expected. Obviously, the company itself no longer functions as it did a year ago. Some additional losses have been generated and automatically nobody wants to participate in the process until some seriousness can be seen in the company. Basically, some things need to be resolved within the company itself, and only then move toward selling the company. So, in my opinion, the next auction will also not present a solution, because just reducing the price does not resolve our problem."

Source: HRT