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…

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…

Proposal of the Financial Instruments Market Act approved by the Slovenian Government

On 26 July 2018, the Slovenian Government approved the proposal of the Financial Instruments Market Act, as well as the amendments to the Act on Alternative Investment Fund Managers and the Law on Investment Funds and Management Companies, which are closely related in substance to the first law. The main purpose of the Financial Instruments Market Act is to transpose the Markets in Financial Instruments Directive (MiFID II) into Slovene legislation. The proposal regulates, inter alia, the rights of investors, liabilities of investment firms and supervisory institutions. The detailed rules and…

Promotion of Jera Majzelj to Partner of Selih & Partners Law Firm

Selih & Partners Law Firm is pleased to announce that Jera Majzelj has become the firm's new partner. Jera joined Selih & Partners in 2012 and has since gained a wide range of experience in all aspects of M&A transactions across several sectors as well as in other practice areas. Aside from M&A, she is part of the firm’s antitrust practice and corporate and commercial law practice, but also advises clients on banking, finance and capital markets matters, particularly those involving a cross-border element. She has proven invaluable in assisting in the most complex transactions…

Slovenian Act on Investment Incentives has come into force

The National Assembly has passed the Act on Investment Incentives with which it aims to promote domestic and foreign investment, in the foreground those that will accelerate economic growth, employment, balanced regional development and lowering of greenhouse gas emissions and those that have a higher added value compared to the average in the respective industry or are considered to be innovative. The intention of the Act is to promote initial investments through investment incentives which will be granted in the form of subventions, loans, guarantees, subsidized interest rates and the option…

Implementation of PSD II – New Rules for Performance of Payment Services in Slovenia

With the PSD II implementation date catching us in mid-January 2018, on 25 January 2018, the Slovenian National Assembly adopted the new Payment Services, Services of Issuing Electronic Money and Payment Systems Act (“PSA”). The PSA is implementing the Second Payment Services Directive (PSD II) into Slovenian legislation and will enter into force on 22 February 2018. The PSA establishes a comprehensive set of rules applicable to payment services in Slovenia, all aiming to: increase the safety of payment transactions and payment services; increase consumer safety; and promote…