Eight bids submitted for consultant in motorway debt monetisation

Eight bids have been submitted to the Croatian transport ministry in an international tender for consultants in the debt monetisation of the Croatian Motorways (HAC) and Rijeka-Zagreb Motorway (ARZ) companies, ranging from HRK 50.8 million to 86.2 million, including VAT.

The chair of a commission for the selection of the consultant, Marija Hrebac, said on Wednesday the criterion was the economically most favourable offer, which meant that price was not the only criterion.

The lowest price, HRK 50.8 million, was offered by a group comprising Erste Group Bank, Deloitte Consulting Services and Wolf Theiss Rechtsanwaelte, while the highest, HRK 86.2 million, was jointly offered by Goldman Sachs International and InterCapital Securities.

Lazard Freres and Watson Farley & Williams ask HRK 60.2 million for the job; Zagrebacka Bank and J.P. Morgan HRK 66.7 million; N.M. Rotschild & Sons HRK 70 million; BND Paribas HRK 70.3 million; Macquarie Capital (Europe) HRK 71.5 million; and a group comprising the Bardek, Lisac, Mucec, Skoko, Sarolic Law Firm, CMS Reich-Rohrwig Hainz Rechtsanwaelte and the Zagreb Institute of Economics asked for HRK 78.6 million for the job.

Hrebac said Transport Minister Sinisa Hajdas Doncic would choose the consultant within 45 days, to be followed by a fortnight during which complaints may be lodged.

The Croatian government adopted a decision to choose consultants for the motorway debt monetisation and possible concession on August 2, citing the need to collect money for other investments in the infrastructure, deal with the debts of HAC and ARZ, and close part of the public debt by discontinuing sovereign guarantees for the two companies.

The minister has stated that a price above EUR 2.5 billion would be good for the monetisation, while the government's goal is EUR 2.7-3 billion.