ZAGREB, June 3 (Hina) - There has still been no decision made about the privatisation of Croatia Insurance (CO). Talks have been held with the Catholic Church and there are other options such as those to place shares on the market,
Croatian Finance Minister Mate Crkvenac who is also the chairman of the CO supervisory board, said on Tuesday.
ZAGREB, June 3 (Hina) - There has still been no decision made about
the privatisation of Croatia Insurance (CO). Talks have been held
with the Catholic Church and there are other options such as those
to place shares on the market, Croatian Finance Minister Mate
Crkvenac who is also the chairman of the CO supervisory board, said
on Tuesday. #L#
According to Crkvenac, this leading insurance company in the
country will enter into the process where the government will no
longer be the dominant owner. "We are not going to seek a strategic
partner outside the country and the privatisation process will
unfold along one model - there is no need to rush," he said adding
the price of shares will grow.
The largest Croatian insurance company in the first three months of
2003, increased its gross profit by 48.6 per cent compared to the
same period last year, to almost 24 million kuna, according to
figures released at Tuesday's presentation of the company's
results.
The CO ended the 2002 business year with a gross profit of 78.6
million kuna and assets worth 4.75 billion kuna with a gross premium
of 2.56 billion kuna. The company employs 2,130 people with a market
share greater than 50 per cent, the company's president of the
board, Marijan Curkovic said. The company's dividend in 2002
amounted to 130 kuna per share.
Asked if a previous suggestion that employees be given seven per
cent of the company's share had been abandoned, Crkvenac said that
this still remained an option.
Announcing expansion in business in other regions, Curkovic said
that the CO was prepared to apply for tenders to purchase insurance
companies for example in Bosnia-Herzegovina, Montenegro or
Macedonia, if their sale should be organised.
(EUR1 = 7.5 kuna)
(hina) sp ms sb