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