After a public invitation for expressions of interest, potential investors will have 30 days to submit letters of interest in the shares.
Bringing a strategic partner is the only reasonable step in ensuring the survival of the national air carrier as a very important company, notably for tourism, Maritime Affairs, Transport and Infrastructure Minister Sinisa Hajdas Doncic said at the government session.
He recalled that the state injected HRK 1.1 billion in CA and that under he restructuring plan, CA's contribution to the restructuring must be 40 per cent of that amount by the end of 2015.
After selling the 49% stake at HRK 200 per share, the state would retain 46.76% and, together with the State Agency for Deposit Insurance and Bank Rehabilitation and Zagreb Airport, hold a stake of 50.25%.
The minister said the procedure could take eight to ten months and that the money from the sale would not go into the state budget but into CA.
According to a government source, the state will have three criteria in evaluating offers - the positioning of CA as a key company in the region, the cash payment amount, or investment in the purchase of new planes. The company's real value will be known in the second, binding stage of the tender.
In case of receipt of letters of interest in the stock purchase, CA will be appraised by the Restructuring and Sale Centre, in line with the state property management law, which will send the appraisal to the State Property Management Office. This Office will then notify the government for the adoption of a decision on the starting price and the public collecting of binding offers.
(EUR 1 = HRK 7.6)