In early November, the Petrokemija management confirmed that it had received five letters of intent for subscription for new indicative shares. The company did not reveal the identity of the possible investors, however, according to media speculations, those were two Croatian companies: INA and Prvo Plinarsko Drustvo, as well as Hungary's MET, Serbia's Elixir, and Romania's Ineragro.
An invitation for expression of interest was announced in line with the Croatian government's decision within the authorities' bids to bail out this company.
Last year, Petrokemija failed to find a strategic partner, and the company's management and supervisory board launched a process of overhauling the factory which was also financially consolidated.
"The Supervisory Board of Petrokemija, Plc. discussed the business results of the first nine months of this year. During this period, the Company reported total revenue of HRK 1,920.1 million and total expense of HRK 1,971.9 million and reported loss of HRK 51.8 million, or 2.7% of total revenues. In the same period last year, the loss amounted to 286.8 million, which indicates a positive development in the financial result. The EBITDA (earnings before interest, taxes, depreciation and amortization) was positive for HRK 56.5 million, while in the same period last year it was negative in the amount of HRK 177.1 million," the company reported on its web site.