Next Step in the Sale of NLB

As previously reported, the largest Slovenian bank is to be sold by the end of 2018. On 15 October 2018, The Republic of Slovenia, acting through Slovenian Sovereign Holding ("SSH"), and Nova Ljubljanska banka ("NLB") announced the intention to proceed with an offering to the public and listing of NLB's ordinary shares on the Ljubljana Stock Exchange and of the global depositary receipts representing NLB's ordinary shares on the London Stock Exchange. The offer refers to at least 50% of the existing shares plus one share and up to 75% of the existing shares less one share. On 26 October 2018,…

Selih & Partners Advise Mercator on its Sale of 10 Shopping Centres in Slovenia

On October 12, 2018, Mercator and Supernova signed a contract for the sale of ten shopping centres in Slovenia. In accordance with the contract worth EUR 116,6 million, Supernova will acquire the shopping centres Ajdovscina, Celje, Jesenice, Koper I, Kranj Primskovo, Kranj Savski otok, Ljubljana Siska, Postojna, Novo mesto, and Slovenj Gradec and invest into their renovation, while Mercator will rent parts of the centres where it performs its core activity. The contract provided Mercator with a rental agreement for a period of 15 years, with the possibility of extending the agreement for another…

Abanka Bank for Sale

Slovenian Sovereign Holding has started the privatization process of the third largest bank in Slovenia – Abanka d.d. ("Abanka"). The envisaged transaction includes the sale of 100% of shares in Abanka and its subsidiaries (i.e. two companies operating in real estate and property management). BNP Paribas SA is acting as an exclusive financial adviser. Abanka is fully owned by the Republic of Slovenia and managed by the Slovenian Sovereign Holding, and has: 9,6% market share in Slovenia total assets of around EUR 3,6 mrd (2017) net income of EUR 42 m (2017) 55 branch offices in Slovenia 1.035…

Terme Catez Hotels on Sale

Terme Čatež d.d. is selling the Mokrice Golf & Hotel Resort. They are also expected to sell hotels Žusterna and Koper on the Slovenian coast.

The Second Railway Track from Divaca to the Port of Koper

The management of the Divaca-Koper railway project has been tranferred to 2TDK, the special purpose vehicle in 100% state ownership that was incorporated based on the law governing the project. The contractors of 2TDK are currently starting with the construction of access roads to the future construction site, while 2TDK will soon start publishing new tenders, first of them for project design documents, followed by various construction and technical tenders. The second track Divaca-Koper will be built by the end of 2025, with the most intensive building dynamics between 2019 and 2023, with an…

Bank Assets Management Company selling overdue claims

Bank Assets Management Company has recently published the following calls for bids: (i) to purchase overdue claims held against 53 legal entities arising from loans, financial leasing contracts, guarantees and bank accounts, whose combined value as per 31 July 2018 amounts to EUR 94,382,010.86 EUR. In most cases, the debtors are (or were) in bankruptcy. Some of the claims are insured by pledge of collateral or real estate assets. The deadline for submission of binding bids is on 5 November 2018.  For more information click here. (ii) to purchase claims against 23 legal entities (SMEs) arising…

Selih & Partners Advise Coface on the Aquisition of SID-PKZ

On 6 September, 2018, Coface (Compagnie Française d'Assurance pour le Commerce Extérieur) signed a binding agreement with SID Bank, a Slovenian public bank, to acquire 100% of SID-Prva kreditna zavarovalnica (SID-PKZ)'s capital, a credit insurance subsidiary of SID Bank. Selih & Partners' team, led by partners Nataša Pipan Nahtigal and Jera Majzelj, is proud to have been advising Coface on this deal. The acquisition of SID-PKZ is now subject to usual conditions precedent including regulatory approvals which are expected to be issued in the coming months. Coface Group with its 4,300 employees…

Six Hotels on the Slovenian Coast for Sale

In the process of preventive restructuring, Istrabenz Group agreed to sell its assets by the end of 2019. The assets of the Istrabenz Group include Istrabenz Turizem and a 50% share in Adriafin, a co-owner of Vina Koper. More than 80% of claims against Instrabenz Group are held by the Bank Assets Management Company. Istrabenz has recently began selling its subsidiary Istrabenz Turizem, owner of six Lifeclass hotels on the Slovenian Coast. The six hotels, namely Grand, Apollo, Neptun, Mirna, Slovenija and Riviera, situated in Portorož, have a total of 778 rooms and are valued at EUR 70 - 80 million. US…

Possible Sale of Cinkarna Celje

In June 2018, Anatol with the financial support of the investment company KKR has resigned from the intended takeover of the chemical company Cinkarna Celje (which is on the list for privatisation, so it might be up for sale again). Cinkarna Celje has long been one of the most profitable Slovenian industrial companies. It has been designated for privatisation since 2013 and several attempts at selling a majority stake have been undertaken, most recently in 2015, when a 70% stake was put up for sale (but the sale was aborted because the price was affected by environmental concerns stemming from…

Distressed Securities for Sale by HETA Asset Resolution

HETA Asset Resolution d.o.o. is part of HETA Group, a wind-down corporation owned by the Republic of Austria. Its statutory task is to dispose of the non-performing and non-strategic portion of Hypo Alpe Adria portfolio, nationalized in 2009, as effectively as possible whilst preserving value. In the process of single loan sales they are currently presenting an opportunity to invest in over EUR 56 million claims towards four individual borrowers from Slovenia, diversified across industries, maturity and type of collateral: EUR 26.8 million claims against the company ELECTA NALOŽBE d.o.o.; EUR…

TAB Looking for a New Buyer

A successful Slovenian battery manufacturer Tovarna Akumulatorskih Baterij (TAB) has recently been in serious negotiations regarding the sale of the company to the South African company Metair Investments. In August it was reported that the Metair’s EUR 300 million bid has been dropped because of the depreciating rand. Unofficially, the owners of TAB will be looking for a new buyer. TAB is producing a wide range of lead acid flooded, VRLA AGM and VRLA Gel batteries in three modern factories with approximately 1,300 employees. They have after-market automotive battery manufacturing facilities…

At Least Half of the Largest Slovenian Bank to be Sold by the End of 2018

On August 10, 2018, the European Commission issued a new decision in the case of the state aid to Nova Ljubljanska banka ("NLB"), setting a new deadline for the privatisation of the bank and adjusting the catalogue of compensatory measures. In accordance with the new decision, Slovenia is obligated to sell at least 50% plus one share of NLB by the end of 2018 and to further reduce its shareholding to the target share of 25% plus one share by the end of 2019. NLB's shares will be sold in an initial public offering ("IPO") on the Ljubljana and London Stock Exchange. The timetable of the sale will…