The stockholders' agreement is the key document of public and private partnership which specifies the rights and obligations of all parties in the partnership.
According to government sources, Orco Property Group also submitted a bank collateral worth 40 million kuna which will be activated if the investors fail to give the planned injection of fresh capital.
The president of the Croatian Privatisation Fund, Damir Ostovic, and the president of the Orco Propety Group Boars, Jean-Francois Ott, initialled the agreement on the establishment of public and private partnership in Suncani Hvar on April 20.
The Luxembourg company offered to invest a total of 600 million kuna in the Croatian hotel chain over the next five years.
Orco Property Group is also obliged to invest an additional 100 million kuna in circulating capital which will be used for the financial reconstruction of the Croatian hotel chain.
The company from Luxembourg intends to keep all employees in the next five years and hire 150 new ones,