North Star has signed a contract to acquire a majority stake in Uljanik Shipyard for €12.05 million, ensuring continued shipbuilding operations.
The sales and share transfer agreement signed on October 14 at the Croatian Ministry of Economy has advanced the process for North Star to acquire the majority shares of Uljanik Brodogradnja 1856 in the city of Pula. The agreement was signed by CERP Director Milan Plećaš and North Star Chairman Tuncay İmral.
Croatia's restructuring and sales agency CERP announced that the transaction covers four share groups and 97.13% of the company's capital. The sale price has been stated as 12 million 53 thousand 500 euros.
The agreement includes a commitment to continue activities related to shipbuilding, maintenance, and repair within the existing concession area. Thus, the preservation of the shipyard's maritime production and repair function has become one of the fundamental conditions of the contract.
According to the ministry's statement, the share transfer will take place after the conditions stipulated in the agreement and legislation are fulfilled. Therefore, the signing does not mean that the legal transfer has been completed. The statement outlines the value of the agreement and the framework for the preservation of activities.
Source: SeaNews Türkiye
