Croatia’s ACI Marinas has unveiled plans to build a new marina in Novalja, on the Croatian Adriatic Sea shore.

The company has obtained a permission to build its new marina from the country’s Ministry of Maritime Affairs, Transport and Infrastructure, ACI Marinas said in a filing to the Zagreb Stock Exchange (ZSE). Following this, the Croatian firm signed an agreement with the municipal authorities of Novalja under which ACI Marinas will be able to launch the construction work on the project.

Under the plan, the facility is to be fitted with a capacity of some 300 berths, and constructed within a four-year period, according to the information obtained by local daily Novi List.

The value of the planned investment was not disclosed by the firm.

Located in the country’s western part, Novalja is a municipality with a population of less than 4,000, situated on the Pag island.

ACI Marinas operates 22 marinas in Croatia. The company’s shareholders include the Croatian Treasury, which holds a stake of 78.58%, and Turkey’s Dogus Group, which has 10.87% of the shares in the operator.