ZAGREB, Feb 21 (Hina) - Under the bills on the privatisation of the Croatian Oil Industry (INA) and the Croatian Power Supply (HEP), forwarded into the first parliamentary reading by the government on Thursday, part of the companies'
shares will be sold to a strategic partner and offered on the stock market, seven percent will be given to soldiers free of charge, and another seven percent will be sold to the companies' employees under favourable conditions. Under the bill on the privatisation of INA, the strategic partner would be offered 25% plus one share; at least another 15% of shares would be offered on the stock market, while the sale of the remaining part of shares would be decided about by the government, in line with market conditions. The government would also decide about the schedule and dynamics of the privatisation process. The bill on the privatisation of HEP envisages the sale of company shares
ZAGREB, Feb 21 (Hina) - Under the bills on the privatisation of the
Croatian Oil Industry (INA) and the Croatian Power Supply (HEP),
forwarded into the first parliamentary reading by the government on
Thursday, part of the companies' shares will be sold to a strategic
partner and offered on the stock market, seven percent will be given
to soldiers free of charge, and another seven percent will be sold
to the companies' employees under favourable conditions.
Under the bill on the privatisation of INA, the strategic partner
would be offered 25% plus one share; at least another 15% of shares
would be offered on the stock market, while the sale of the
remaining part of shares would be decided about by the government,
in line with market conditions. The government would also decide
about the schedule and dynamics of the privatisation process.
The bill on the privatisation of HEP envisages the sale of company
shares on the stock market. Under the bill, at least 15% of shares
would be sold this way, however, Deputy Economy Minister Maja
Brinar said 25% of the shares would be privatised this way.
The bills, which have been forwarded into the first parliamentary
reading, envisage both companies giving Croatian soldiers seven
percent of their shares free of charge, while another seven percent
would be sold to the companies' employees under favourable
conditions.
Under the bills, the state would keep the ownership of strategic
infrastructure installations - gas and oil transport (INA) and the
transmission and distribution network (HEP).
Deputy Prime Minister Goran Granic said the state's ownership of
the main infrastructure installations and the right to manage them,
upon which market development depends, was protected by law. This
refers to the transport of gas, oil (JANAF), HEP's transmission and
distribution network, and an independent power market operator,
which would continue to be owned by the state.
We propose that the state continue to be the owner of at least 51% of
those key infrastructure installations and that the parliament
make a decision on their privatisation once conditions are met,
Granic said.
(hina) sb rml