PRIVATISATION OF CRO TELECOMMUNICATIONS TO TAKE PLACE BY LATE 1999

ZAGREB, April 1 (Hina) - A representative of the investment bank Dresder Kleinwort Benson, Michael Phair, on Thursday presented a privatisation plan for the Croatian Telecommunications (HT). The Croatian Government appointed the Dresdner Kleinwort Benson as HT's financial advisor during the process of its privatisation. Croatia is exceptionally attractive to investors, and the HT is a very well developed company in which a lot has been invested. By the end of the year, 25 percent of HT shares, amounting approximately to between US$600 million and US$1 billion, will be offered to strategic partners, Phair said. Phair also participated in the privatisation of telecommunication companies in Hungary, the Czech Republic, Belgium, Lithuania, Slovakia, Cuba, Brazil, and other countries. President of the HT Privatisation Commission Ivan Mijatovic said the privatisation was aimed at finding a strategic partner while maintaining the strategic national interest. The first phase of the privatisation includes the sale of 25 percent of shares to a strategic partner, the granting of shares to Croatian Homeland soldiers, as well as the sale of shares to HT employees and former employees under favourable conditions. During the year 2000, HT shares should be included in the regular quotation at the Zagreb Stock Market and one foreign stock market, Mijatovic said. Mijatovic announced that press conferences would be held on a regular basis, and all those interested could obtain information on the toll-free number 0800 200000. (hina) it/rml jn