ZAGREB, June 17 (Hina) - The management of NAMA, a chain of stores, will send the Croatian Government a request for an urgent solution to the situation in which this trade company is, Nama management chairman Josko Zavoreo said. The
Nama supervisory committee reached this decision at Tuesday's session after nobody replied to an international bid for a strategic investor for Nama, which was published on May 20. "The concept of a solution as motioned by the Privredna Bank Zagreb (PBZ) fell through. We thus decided to request assistance from the Croatian Government as, after all, it is the owner of the PBZ. I believe there is a chance to save Nama, only if the Government gets actively involved and backs a project which would solve the current situation," Zavoreo said. The reason nobody replied to the bid, analysts reckon, is the fact that there is nobody prepared for such large investments, and many do not have the necessary resour
ZAGREB, June 17 (Hina) - The management of NAMA, a chain of stores,
will send the Croatian Government a request for an urgent solution
to the situation in which this trade company is, Nama management
chairman Josko Zavoreo said.
The Nama supervisory committee reached this decision at Tuesday's
session after nobody replied to an international bid for a
strategic investor for Nama, which was published on May 20.
"The concept of a solution as motioned by the Privredna Bank Zagreb
(PBZ) fell through. We thus decided to request assistance from the
Croatian Government as, after all, it is the owner of the PBZ. I
believe there is a chance to save Nama, only if the Government gets
actively involved and backs a project which would solve the current
situation," Zavoreo said.
The reason nobody replied to the bid, analysts reckon, is the fact
that there is nobody prepared for such large investments, and many
do not have the necessary resources.
A potential bidder should buy out most of the stock from two
privatisation investment funds for about DM15 million, but also
settle Nama's debts to the PBZ of about DM 58million.
Any new public bid would mean the diminishment of Nama's value,
Zavoreo said, so searching for a buyer via advertisements is not the
best solution.
(hina) lml