Armco Smart Gives up Ironworks Split

The Board of directors of the Croatian Privatisation Fund invites tenders for buying under same conditions on Friday.

Armco Smart, the Ukrainian-Croatian company after few postponed contract ratifications, gave up on buying Ironworks Split officially. Armco was not ready to take over debts as part of the act of sale, the bank reports.

The state has offered under special condition the majority of ownership for the price of one kuna. The Ukrainian company was one of the two bidders whose plan was to invest 28.87 million euros. It was obligated to take over all debts toward creditors as well as all obligations covered by the state guarantees in the amount of 173 million kuna.

A new tender will be invited todayi, and the Board of directors of the Croatian Privatisation Fund hopes that the companies from the previous one will come, Stemcor, London, Store Steela, Slovenia, Zlomrex, Poland and Max Aichera, Germany.