Luka Bar has issued a public tender for selecting a prestigious consulting firm to conduct a comprehensive commercial and financial due diligence analysis of Port of Adria, as reported by Bankar.me.
The financial due diligence will include an examination of financial statements, cash flow, tax reports, and audit reports. The purpose is to assess the profitability of acquiring a 62.08% stake in Port of Adria, which is currently owned by Turkey’s Global Ports Holding, and to evaluate the market position and financial feasibility of the port.
The commercial due diligence will focus on market analysis, business plans, traffic development, user base, sales and marketing strategies, and investment plans. Additionally, the analysis will cover competitive positioning by evaluating Luka Bar’s status in the regional port market. This includes reviewing key factors such as cargo volumes, terminal sizes, logistics activities, major cargo routes, and internal connections affecting competitiveness, including terminal operators, ship call patterns, and tariffs.
The selected consulting firm will be required to deliver a due diligence report in English, covering both commercial and financial aspects. The firm must provide a draft report for review, incorporating feedback from the client, before submitting the final report. The total value of the procurement, including VAT, is up to €200,000, while the estimated value of the procurement, excluding a framework agreement, is €150,000. The tender will remain open until September 4, the deadline for bid submissions.
Global Ports Holding of Turkey acquired a majority stake in the former Bar Container Terminals, now Port of Adria, in early 2014 for €8 million. The government of Prime Minister Dritan Abazović subsequently purchased an additional 23% of Luka Bar shares for €12 million, raising its ownership to over two-thirds. This majority stake allows the government to make decisions about merging with Port of Adria and has prompted negotiations with Global Ports, which holds a 62% share in the company.
Abazović’s government announced last year that it is reviewing the economic and legal aspects of acquiring Port of Adria and will make a final decision based on this analysis. Reports suggest that negotiations have been delayed due to the company’s negative financial balance and legal restrictions on restructuring or merging companies with negative balances.
