Uljanik d.d. (ZGSE:ULJN) is trying to attract investors to stay afloat, extended a due diligence process after drawing the interest of potential strategic partners. Croatia's Economy Minister Darko Horvat said four potential investors were looking at Uljanik's business data and another company was also interested, but did not elaborate. “I expect at least two serious offers for Uljanik at the end of this process which would then prevent its bankruptcy,” Horvat told reporters.

Local media reported that there were potential investors from Ukraine, Italy, Germany, China and Australia for Uljanik, which is 25% state-owned. “Due to an additional interest voiced by potential investors the management decided to extend a due diligence process until January 24, 2019. The deadline for submitting bids to become Uljanik's strategic partner remains January 25, 2019 by 20:00 local time (19:00 GMT),” Uljanik said in a filing to the Zagreb bourse.

Originally, the due diligence process was due to be completed on January 17, 2019. Local banks and Croatia osiguranje d.d. (ZGSE:CROS), also have stakes in Uljanik.