ZAGREB, July 27 (Hina) - By the end of this week the Croatian Privatisation Fund (HFP) will choose companies that will be separated from the HFP portfolio and made available to the Ministry of Public Works, Reconstruction and
Construction for the financing of its capital outlays. A list of those firms (they make up 16 percent of the Fund's portfolio) is to be announced next week, said Public Works Minister, Radimir Cacic, on Thursday during the presentation of a model of the public stock jobbing. The shares of those firms will be offered to those who have debit claims and to interested investors in compensation for the Ministry's debits which can be thus covered. At the moment the Ministry's debts that become due are 180 million kuna (approximately 22.5 million US dollars), but at the end of this year its outstanding debts are likely to be over 400 million kuna ($50 milli
ZAGREB, July 27 (Hina) - By the end of this week the Croatian
Privatisation Fund (HFP) will choose companies that will be
separated from the HFP portfolio and made available to the Ministry
of Public Works, Reconstruction and Construction for the financing
of its capital outlays. A list of those firms (they make up 16
percent of the Fund's portfolio) is to be announced next week, said
Public Works Minister, Radimir Cacic, on Thursday during the
presentation of a model of the public stock jobbing.
The shares of those firms will be offered to those who have debit
claims and to interested investors in compensation for the
Ministry's debits which can be thus covered.
At the moment the Ministry's debts that become due are 180 million
kuna (approximately 22.5 million US dollars), but at the end of this
year its outstanding debts are likely to be over 400 million kuna
($50 million), Cacic said.
The nominal value of shares of the companies that will be taken from
the HFP's portfolio comes to 1.6 billion kuna ($200 million)
The public stock trade will be organised on the market in order to
ensure transparency and fairness in the sale as well as low costs of
the entire project, the Public Works Minister asserted.
In this way the ministry should settle debts towards construction
firms. The model should help solve the internal debt and contribute
to the development of the capital market.
Although it is still unknown which companies will be separated, the
HFP President Hrvoje Vojkovic said one of the criteria for the
selection is that the government has over 25 percent of shares in
them. But this will not include companies in tourism as another
strategy for their privatisation is being elaborated. A part of
Croatian tourist firms where the government holds less than 25
percent of shares may be listed, however.
The brokerage house "ZB Brokeri d.o.o." has been selected out of 13
firms to conduct the trade.
The ZB Brokeri Director Josip Galinac explained that debits will be
transformed into vouchers and added to the register of the Central
Depository Agency (SDA). The trading in vouchers will be carried
out in a separate quotation so that transparency and fairness be
ensured. The third steps is the auction in which shares will be sold
for vouchers or possibly for money.
(hina) ms