February 16 (SeeNews) - The Croatian government said it decided on Thursday to launch a procedure to seek a strategic partner for cargo railway company HZ Cargo.
The future strategic partner is expected to increase the market share of the company, to boost its business volume in the domestic and international cargo traffic and to take part in the upgrade of the company's fleet, transport minister Oleg Butkovic told a weekly cabinet meeting as seen in a video recording on the government's website.
You can subscribe to our M&A newsletter here
Butkovic told reporters after the end of the meeting that he believes that the strategic partner for HZ Cargo will be found by the end of this year, state TV broadcaster HRT reported.
He estimated the company's domestic market share at 40%.
An attempt to find a strategic partner for the company failed in 2015 due to unsolved legal issues concerning its ownership.