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Lasko Selling Croatian Subsidiary

Split, 28 January (STA) - Slovenian beverage group Pivovarna Lasko is selling its 99% stake in Croatian subsidiary Jadranska pivovara. The subsidiary will be liquidated if the Slovenian owner fails to find adequate buyer soon, Jadranska pivovara chief executive Nenad Buljan told the press in Split on Wednesday.

According to him, the subsidiary will be liquidated if Pivovarna Lasko does not find in the coming months a buyer or somebody who will be interested in a long-term lease.

In case of liquidation, all employees would get severance pay as envisaged by the law and collective agreement, Buljan said, adding that severance pay would cost a total of EUR 7m.

According to him, Jadranska pivovara dismissed last year 89 workers, and the current number of employees stands at 65.

Buljan added that he would meet representatives of Austria's Kaltenberg to discuss possible lease.

The subsidiary posted a loss of EUR 5.73m in 2009, and is expected to generate the similar amount of loss this year also.

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