Jadranska Ulaganja is to buy Croatia’s share of the 3 Maj shipyard in the port of Rijeka as part of the country’s efforts to overhaul its shipbuilding industry.

Croatia’s Economy Minister Djuro Popijac said that the restructuring programme will be sent to the Croatian Competition Agency and the European Commission.

Croatia is in the final stage of negotiations with the European Union and hopes to sign the accession treaty in June this year.

Jadranska Ulaganja gave an offer of HRK1 (19¢) for the shipyard, which made losses of $84m in 2009.

The company was also selected to buy the Kraljevica shipyard in the northern Adriatic, according to Bloomberg .