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ECONOMY MINISTER: CRO. TELECOM WILL APPEAR ON WORLD STOCK MARKET

SALZBURG, July 3 (Hina) - Croatia wants Croatian Telecom (HT) to appear on the Zagreb Stock Exchange Initial Public Offerings (IPO) as soon as possible, as well as on another world stock market, in London or Luxembourg, Economy Minister Goranko Fizulic said in Salzburg on Tuesday. The condition for HT's appearance on a stock market is for its shares to reach 85 percent of the average value of HT shares sold to Deutsche Telekom to date, said the minister. Fizulic voiced hope this would happen by the first or second quarter of next year at the latest. The appearance of HT on a stock market is important for Croatia not because of budgetary revenue but the survival of the Zagreb Stock Exchange and the success of a pension reform. Fizulic explained the quotation of the HT would lead to the quotation of oil company INA and the power utility company HEP. If the HT fails to app
SALZBURG, July 3 (Hina) - Croatia wants Croatian Telecom (HT) to appear on the Zagreb Stock Exchange Initial Public Offerings (IPO) as soon as possible, as well as on another world stock market, in London or Luxembourg, Economy Minister Goranko Fizulic said in Salzburg on Tuesday. The condition for HT's appearance on a stock market is for its shares to reach 85 percent of the average value of HT shares sold to Deutsche Telekom to date, said the minister. Fizulic voiced hope this would happen by the first or second quarter of next year at the latest. The appearance of HT on a stock market is important for Croatia not because of budgetary revenue but the survival of the Zagreb Stock Exchange and the success of a pension reform. Fizulic explained the quotation of the HT would lead to the quotation of oil company INA and the power utility company HEP. If the HT fails to appear on the IPO this autumn, the government will sell its interest in several Croatian companies and banks, he said. A revised state budget envisages making 6.5 billion kuna (approx. $747 million) from privatisation. The EUR500 million from the sale of 16 percent of HT shares will, however, not cover those expectations, so the government expects additional receipts from HT's appearance on the stock market. "If this isn't made from HT's IPO then we shall have to sell something else," the economy minister said, adding the latter would not be difficult as the companies and banks in question were mostly privatised. Speaking about the sale of additional HT shares to Deutsche Telekom, Fizulic said that due to problems on the telecommunications market, the German company had some problems in passing and implementing a decision on purchasing additional interest in the HT. (hina) ha sb

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