ZAGREB, May 13 (Hina) - Croatian Vice-Premier Slavko Linic expects that 25 percent of the national oil company INA's shares will be privatised before the summer.
ZAGREB, May 13 (Hina) - Croatian Vice-Premier Slavko Linic expects
that 25 percent of the national oil company INA's shares will be
privatised before the summer. #L#
"I expect that 25% plus one INA share will be privatised next month,
we have three very interested potential strategic partners," Linic
said at a conference entitled "The Government's Economic Policy -
Privatisation", held at the Eighth Financial and Third E-Business
Forum.
Linic also stated that the recapitalisation of the Croatian Postal
Bank would be completed before autumn, with the participation of
the World Bank's International Finance Corporation.
The government's priority task is the management of state-owned
real estate and its use in the economy, Linic said.
Presenting detailed data on the process of privatisation in the
last three years, Linic said the government had privatised 16% of
Croatian Telekom (HT) and launched the privatisation of INA
following the adoption of new laws on the power industry and the
reorganisation of the company.
The government is not abandoning privatisation, the vice-premier
said, adding that few companies had been privatised in the past
three years. He dismissed claims that the government had sold out
state property.
In said period a smaller part of the state portfolio, 17%, was sold,
primarily on the stock market to encourage capital market, 31
companies were sold by inviting bids, of which only eight were sold
to foreigners, he said.
Neven Cirkveni of the "Cirkveni" law firm said the sale of state
property to domestic investors was politically more acceptable,
but that most researches showed the most efficient sales were those
to foreign investors because they have management skills and access
to the international business network.
According to the presented data, in early 2000 the state portfolio
included 1,850 companies and in April this year 1,188 companies.
The nominal value of the Croatian Privatisation Fund portfolio in
early 2000 was 31 billion kuna while currently it totals 23
billion.
Most of the portfolio was privatised through stock markets.
1 euro = 7.6 kuna
(hina) rml