157 COMPANIES SO FAR ON CONSTRUCTION WORKERS' DEBT LIST

157 COMPANIES SO FAR ON CONSTRUCTION WORKERS' DEBT LIST ZAGREB, Oct 9 (Hina) - The Croatian Privatisation Fund (HFP) confirmed a starting list of 157 companies whose shares will be offered at the Varazdin Stock Market (VTV) in exchange for bonds of construction workers which they received instead of the payment of debts from the Public Works Ministry, the HFP told Hina. According to sources at the HFP, the Fund's management committee put on the list 157 companies from its portfolio, with the total nominal value in excess of 847.5 million kuna. It had been previously announced that the list would contain the shares of Tankerska plovidba, Turisthotel Zadar, Koncar Elektroindustrija, Istraturist, Jadranturist, while the entire list will be published by the end of the week at a special news conference. Construction workers, to settle their debts, need from HFP's portfolio shares of 1.6 billion kuna of nominal value. Transactions with bonds, called entitlements, for certain HFP portfolio shares and intended to cover capital expenses of the Public Works Ministry, began a week ago at the VTV. Last week, however, not one transaction went through. The "ZB Brokeri" brokering company explained this with the difference in offered prices. The most favourable price for the sale of entitlement bonds has reached 69.99 per cent of its nominal value, while 47 per cent of nominal value have been envisaged for their purchase. After the publishing of the list of companies whose shares will be offered in exchange for the entitlements the interest for the transactions is expected to grow. The entitlements are non-material bonds with personal names on them, in the denomination of 1 kuna. The VTV has 400 million kuna of such bonds, which is the amount the Ministry will owe to construction workers, working on reconstruction, by the end of the year. The bonds will be given out to the 350 workers who will be able to sell them at the VTV, or exchange them for HFP portfolio stock at public auctions. The first such public auction is expected for the middle of this month. Shares will be offered at a price 25 per cent of its nominal value. 8.5 kuna = US$1 (hina) lml jn