PLIVA IS GOING TO BUY ITS OWN SHARES AT STOCK EXCHANGES

ZAGREB, Sept 27 (Hina) - Owing to the current instability at stock exchanges, Croatia's leading pharmaceutical company 'Pliva' and the Croatian Health Insurance Institute (HZZO) have decided to postpone a transfer of Pliva's shares, announced for 10 September 2001, read a report issued by Pliva and forwarded by the Zagreb Stock Exchange. Pliva and the HZZO had agreed that the debt of about 400 million kuna (approximately 50 million US dollars) which health institutions in Croatia should pay to Pliva, would be settled through Pliva's take- over of its stocks from the state-run portfolio. This amount accounted for 4.6 percent of the company's capital base. This transfer is postponed for the time being. The company, which is currently holding 5.3 percent of its own shares in the safe, will, however, apply the approval it received from the share-holders' general assembly in June 2001 to buy those shares until the 10 percent of the company's share capital. Pliva is considering a possibility of buying them at stock exchanges. The company has not given up plans to expand its business activities which it will finance on its own. (hina) sb ms