"The procedure is in the preparatory phase and the sales activities are due to start in the first half of next year," the SSH has told the STA.

Adria is one of 15 companies in a privatisation package that the parliament endorsed in mid-2013, of which three have so far been privatised.

The company is majority owned by the state (69.87%), with the state-owned Bank Asset Management Company (BAMC) holding an additional 19.63%.

The remaining stock is mainly held by commercial banks, which have tried to offload their holdings in the past.

The last sales procedure was undertaken in August 2012. Several prospective bidders reportedly came forward but the plan was shelved without explanation.

The company will be privatised despite assurances by its CEO Mark Anžur that it can survive without a strategic partner.

Last year Adria ended with an operating profit of EUR 1.1m and net loss of EUR 2.9m. This year it plans to break even.