Ljubljana, 31 January (STA) - The Slovenian privately-held electronics group Iskra has bought the NCP shipyard in Croatia's Šibenik for what one of the owners, Dušan Šešok, said was less than EUR 5m. It is also eyeing other takeover targets.
"The value of the deal is less than five million euro and I reckon the new company Iskra Brodogradilište 1 will generate 20 million euro in revenue and a million euro in net profit this year," Šešok, who owns Iskra with his two sons, told the newspaper Finance.
The Croatian government on Wednesday approved the transfer of concession for the management of the shipyard's building and land from the company NCP - Remontno Brodogradlište Šibenik to Iskra Brodogradilište 1 as the new concessionaire.
Šešok told Finance that the Šibenik company had 180 employees.
The company had been in receivership since last year but continued to operate under lease by NCP Grupa. It generated EUR 16m in revenue last year.
In attempts to find a new owner for the company, several prospective buyers had been considered, including from China, Norway, Switzerland, Turkey and Denmark as well as Croatian companies.
However, Iskra bought claims against the shipyard and its lessee NCP Grupa.
The concession gives Iskra Brodogradilište the right to manage the shipyard's state-owned building and land. On receivership the shipyard's business was transferred to NCP Grupa, whose owner transferred it on to Iskra for one Croatian kuna (13.5 euro cents), Finance reports.
The shipyard builds mainly aluminium fishing boats. Šešok says the capacities allow building vessels up to 70 metre in length, although currently they build them in sizes of between 13 and 15 metres.
Šešok expects 20 boats to be built this year.
The biggest clients include those from Norway who use the boats to supply salmon and other fish farms. The shipyard provides maintenance for Croatian ferry company Jadrolinija and the Croatian navy.
According to Šešok, Iskra financed the acquisition with own funds. It is also eyeing other takeover targets in Slovenia and abroad. "I'm convinced we'll soon buy another major company," he said.
Asked whether they were interested in Hidria, whose owners are at odds, he said: "We are interested in Hidria (...) fact is we are only interested in a majority stake."