[REVISION HISTORY]

Kuzey Star acquisition of Uljanik shipyard

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2026-10-14 16:53 UTC → 2026-10-16 12:57 UTC · added ~~removed~~

The Center for Restructuring and Sale (CERP) has selected the Turkish company Kuzey Star Shipyard Denizcilik to acquire a 97.13 percent controlling stake in Uljanik Brodogradnja 1856 in Pula, Croatia. Kuzey Star submitted a binding offer of €12,053,500, which exceeded the initial asking price. A competing bid from Luxembourg-based Mira Finance Capital Holding was disqualified because the required bid security of approximately €111,000 was never credited to the CERP account. Under the terms of the agreement, Kuzey Star has committed to maintaining core shipbuilding, ship repair, and floating structure production activities within the shipyard’s concession area. Because Kuzey Star is headquartered outside the European Union, the acquisition is subject to a mandatory foreign investment review by the Croatian Ministry of Finance under the Foreign Investment Screening Act. To support the transition, the Croatian government has approved a €1.85 million loan to Uljanik Brodogradnja 1856 to manage operating disruptions and facilitate the completion of the sale. The acquisition has since been finalized at the Croatian Ministry of Economy. Under the signed agreement, Kuzey Star Shipyard Chairman Tuncay Imral announced plans to modernize the facility with a focus on new technologies and the development of hybrid and environmentally friendly vessels. The stated goal is to return the Pula shipyard to the forefront of the European shipbuilding industry. Croatian Minister of Economy Ante Šušnjar described the sale as a “turning point” that could signal a “renaissance for the national shipbuilding industry,” facilitating a shift from state subsidies toward profitable, private-sector-led growth. The investor intends to preserve the company’s 170-year tradition while restoring its competitiveness within the European market.

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