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INA's shares to be offered for sale in this year's fourth quarter - govt.

ZAGREB, Oct 13 (Hina) - The procedure for offering for sale shares of the national oil company INA will ensue in the fourth quarter of this year, and the Government is going to adopt additional decisions to specify the exact date and the duration of the procedure and the sale of the possible prices as well as a final sale price.
ZAGREB, Oct 13 (Hina) - The procedure for offering for sale shares of the national oil company INA will ensue in the fourth quarter of this year, and the Government is going to adopt additional decisions to specify the exact date and the duration of the procedure and the sale of the possible prices as well as a final sale price.

The Croatian Government on Friday supplemented its decision regarding INA, which it adopted on 14 September.

Under the decision of 14 September, INA's shares are to be offered for sale on the Zagreb and London stock markets, with a minimum of 15% and a maximum of 17% of shares of this company to be offered in this part of the procedure.

Croatian citizens are invited to submit binding offers for the purchase of shares worth up to 38,000 kuna with the right of pre-emptive buying and with a special privilege. The special privilege is that for every ten shares bought and kept for at least a year citizens will be given one INA share free of charge.

In the procedure we insist on two principles - full transparency and our plan to engage Croatian citizens in INA's privatisation, Prime Minister Ivo Sanader said on Friday.

Deputy Prime Minister Damir Polancec said that preparations for offering INA's shares for sale on the market were going according to schedule and procedure. The prospectus necessary for listing INA's shares on the two stock exchanges is being analysed by the Croatian regulatory body HANFA and the relevant British regulatory body, too, Polancec added.

After Hanfa and the British regulator approve the prospectus, the Government will adopt specific decisions on the exact data for launching the procedure, on the duration of the procedure and on a scale of offered prices.

Upon the expiry of time terms for the submission of offers, the Sanader cabinet will define a sale price per share.

During today's brief discussion on the supplemented decision regulating the second stage of INA's privatisation, it was emphasised that the Government and HANFA were conducting the procedure in a transparent fashion.

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