A Korean company Might&Main has shown interest in buying two Croatian shipyards in the northern Adriatic. The company has sent its representatives to request additional information on the state-owned 3. maj shipyard in the port of Rijeka and Kraljevica shipyard.
Damir Polancec, Croatian vice-president and minister for the economy, confirmed the interest from the Koreans and told Croatian daily newspaper Novi List that it was proof of the "…potential of Croatian shipyards despite the difficulties they currently face." He added that other foreign companies had also expressed interest in acquiring the yards.
The Croatian Privatisation Fund owns both shipyards and under local legislation can allow the Koreans to check their accounts and conduct due diligence only as part of a public tender. However, no tender for either of the shipyards has been announced as yet.
The Croatian government has embarked on a far-reaching restructuring programme of the six state-owned shipyards, which it is implementing as part of an agreement with the EU. They are all scheduled for privatisation by 2011.