The Croatian government on Thursday decided to provide the Zagrebacka Banka with a state guarantee for the advance payment from the Turkish investor Caliskan of five million euros for overdue salaries of workers in Croatian companies: Dioki and Dina Petrokemija.
Finance Minister Slavko Linic said that was a performance bond on the basis of which the Zagrebacka Banka would issue a surety to the Turkish company which will then pay the said sum to be used for outstanding salaries of workers in the two ailing Croatian petrochemical factories.
The government's guarantee was issued after Caliskan offered to take over Dina Petrokemija and restart production in that plant on the island of Krk.
Linic recalled that two weeks ago the government had been told that the Swiss company called United Energy Commodities was interested in this takeover. In the meantime it was established that the Swiss company acted on behalf of the Turkish company that wants to invest in the Croatian plant.
Linic described Caliskan as a respectable family-run company with the stock capital of USD 35 million. After checks made by credit rating providers, it was also established that this group has 15 companies that do business in the metal sector, transport, coal and energy sector and tourism.
He recalled that the Turkish company should invest a total of 20 million euros, of which five million would be earmarked for the salaries in arrears, and 15 million would be spent on the revival of the production in Dina Petrokemija.
According to Linic, the investor also undertook to settle debt agreements with suppliers that claim over EUR 61 million.
The government was today informed of the sale of shares under the ESOP model to workers in the Uljanik shipyard in Pula.
Deputy Prime Minister said that with the purchase of shares by employees, the government's interest in the dock fell below 25 percent.
The turnout of employees was 87.4 % given that of 2,500 employees, 2,300 acquired the company's shares.
Cacic said that the next state in the privatisation of the Uljanik shipyard would be an injection of fresh capital most likely from shipping companies, economic cooperation funds and other investors.
This will pave the way for the overhauling and privatisation of the Rijeka-based 3. Maj shipyard, he added.