TBI HOLDING HOLDS 83 PERCENT OF 'OSIGURANJE HELIOS'

ZAGREB, June 27 (Hina) - The 'TBI Holding' company, registered in the Netherlands, has acquired 83 percent of the shares of the Croatian insurance firm "Osiguranje Helios". At a news conference, held in Zagreb on Tuesday, representatives of the two companies declined to say the exact value of this transaction. At the end of 1999 the capital base of the "Osiguranje Helios" amounted to 27.7 million kuna (approximately seven million German marks). It is expected to rise to 33 million kuna (8.25 million DM) by the end of this year, which is the minimum amount necessary for a firm to join processes of the pension reform in Croatia, under the country's insurance law. In the coming years we are planning to invest between 15 and 20 million US dollars in Croatia, without counting possible investments in the privatisation of the Croatian biggest insurance company, said a member of the TBI Holding management, Shalom Shpilman. The TBI Holding was established two years ago by the New York-based BT firm and the Israeli firm 'Herfstzon Beheer'. One of its basic goals is to participate in the conduct of pension reforms in central and eastern Europe. Besides Croatia, the company is present in Slovakia, Romania and Bulgaria. (hina) jn ms