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SARAJEVO – Several companies are interested in Sarajevo’s former construction giant “Hidrogradnja”, some of them from the United Arab Emirates, Qatar and Iraq, Nezavisne novine reports.
That said, in a new public ad for the sale of the bankrupt construction giant, the price is unchanged, at just over 88m kilometres.
As stated in the advertisement, “Hidrogradnja” is majority owned by the Federation of the Bosnia and Herzegovina Government and its legal and actual situation on the date of sale is as seen, without the right to subsequently file a complaint.
“The indicated value is the starting price in the tender document and the commercial entity may not sell below this price. The sale is conditional on the buyer continuing the essential activities of ‘Hydrogradnja’ and maintaining the current number of employees,” the advert states.
Zijad Fazlagić, the bankruptcy administrator of “Hidrogradnja”, told the newspaper Nezavisne novine that five companies are interested in the company and he expects that in the next few days some of them will pay the amount of 200 thousand km in the name of compulsory bankruptcy insurance.
“We will see what happens in the next few days. We cannot say anything for sure until the payment is made. This is the procedure for the sale through the Execution Procedure Law,” Fazlajic said.
According to him, 15-20 days after paying the mandatory insurance for 200,000 kilometers, an invitation to sell and pay the full amount for 88.6 million kilometers will be issued.
Otherwise, as Fazlajic said before, the goal is to resolve the problems of creditors who may sell “Hidrogradnja” and link the workers’ years of service to the repayment of all debts owed to them.
We remind you that, as “Nezavisne Novine” previously wrote, a Swiss-Croatian group was interested in the former construction giant in 2022, for which the company had paid the compulsory insurance, but the sale did not proceed due to non-payment of the full amount, despite the fact that the payment deadline was extended several times.
In addition, there is interest from early-stage companies from Switzerland, Italy and Australia.
The company, which has been in bankruptcy since 2017, built highways and bridges around the world during its time in the former Yugoslavia and has a presence in many countries in Africa and Asia.
“Hidrogradnja” was one of the largest companies in the former Yugoslavia, employing thousands of workers and making annual profits of about $300 million three decades ago.
Of that, two-thirds of the money came from overseas companies, striking multimillion-dollar deals in Libya, Iraq and other countries.
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