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State Selling Majority Stake in Fotona

Ljubljana, 16 September (STA) - The state-owned PDP asset management firm put up for sale on Friday its 70.48% stake in high-tech company Fotona. The call for bids, published in the business daily Finance, is open until 10 October.

PDP is selling 463,570 Fotona shares, entailing 70.48% of voting rights, in a package. The sale will be carried out in two phases.

In the first phase, investors who will express interest will receive an information memorandum and a notification on the bidding procedure between 17 and 28 October and will subsequently be requested to maketheir non-binding offers.

PDP will then decide which bidders will progress to the second phase, in which they will be enabled to carry out due diligence at Fotona. Subsequently, the bidders will be requested to submit their binding offers.

PDP, however, reserves the right not to pick any of the investors and to change the bidding procedure, the report reads.

Fotona produces laser systems for medical, industrial and military purposes. According to PDP, the company is a leading global producer of medical lasers as well a leading company in innovation and research.

The PDP is selling its stakes in some of the companies from its portfolio, after it recorded a loss of EUR 28m last year. At the group level the figure was EUR 63m.

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