The state plans to sell a 25 per cent stake in Luka Rijeka, as revealed in the state assets management plan. The sale of this stake is part of a broader plan for the sale of state-owned shares, linked to Croatia's accession to the Organisation for Economic Co-operation and Development (OECD).
According to the plan, the state intends to sell stakes successively in 81 companies managed by the Croatian Restructuring and Sale Agency (CERP). During 2026, the sale of stakes in 35 companies is foreseen, in 2027 in 25 companies, and in 2028 in 21 companies. The package also includes the sale of a 30 per cent stake in Croatia Osiguranje and a portion of the state's ownership in Podravka.
CERP currently controls 19.72 per cent of Podravka, with 16.56 per cent of shares available for sale. The remaining 3.16 per cent of shares are pledged as collateral for a loan from Borovo. The sale of the available state shares is part of the obligations Croatia is fulfilling in the process of accession to the OECD, a process the country aims to complete by next year. Changes in the management of state assets are one of the segments of this process.
It is evident from the plan that of the 47 legal entities in majority state ownership, 39 have the status of companies of special interest to the Republic of Croatia. Shares of these companies are not subject to sale. The list of companies of special interest includes Rijeka Airport, as well as other Croatian airports, Jadrolinija, ACI, HEP, Hrvatska Pošta, and Hrvatske Autoceste. The list also includes ACI, Alan, AKD, APIS, CERP, Croatia Airlines, Državne Nekretnine, FINA, HBOR, HINA, Hrvatska kontrola zračne plovidbe, Hrvatska lutrija, HPB, HRT, HAC, Hrvatske šume, Hrvatske vode, HROTE, HŽ Cargo, HŽ Infrastruktura, HŽ Putnički prijevoz, INA, JANAF, Narodne novine, Odsaljači i veze, Pleter, Plovput, the airports of Dubrovnik, Osijek, Pula, Split, Zadar and Zagreb, and the Aeronautical Technical Centre.
The remaining eight legal entities do not have the status of companies of special interest, so their sale is possible. These are Borovo, Brijuni Riviera, Jadrobrod, the Croatian Mine Action Centre, the Immunological Institute, Jadropliva, Plinacru, and Uljanik. Končar is not currently included in the sales plan as 28 per cent of the public ownership in the company is held by the Capital Fund, not CERP, while the state holds an additional two per cent of shares which are not available for sale.
Details on the model for the sale of shares in Luka Rijeka, including the timeline for individual procedures and potential buyers, have not been published. Furthermore, the sale of the additional 5.7 per cent of Podravka's shares held by the Capital Fund is not foreseen, although the 16.56 per cent of state shares in Podravka must be sold by the end of 2028, as required by the OECD.
