LOWER HOUSE DISCUSSES BILL ON PROTECTION OF SMALL SHAREHOLDERS

ZAGREB, Nov 18 (Hina) - The Croatian Sabor's House of Representatives ended its Wednesday's session with a discussion on a bill on protection of small shareholders and investors, proposed by the Istrian Democratic Assembly (IDS). Explaining the bill, Damir Kajin said that it would rectify the social and economic injustice done to small shareholders and investors. The bill envisages free-of-charge acquisition of shares for those small shareholders whose pensions or salaries are lower than the average pension/salary in the state. Privatisation Minister Milan Kovac rejected the bill claiming that it was "pure politics and demagogy". Small shareholders were able to buy shares with a discount to the amount of DM 20,000 and with a maximum discount they were able to acquire 60 per cent of the same amount, free of charge, Kovac said. He also remarked that the IDS was demanding dividends for small shareholders regardless of the results of their businesses and recalled that there were some 660,000 small shareholders in Croatia. In a short discussion that followed, the IDS bill was supported by Mato Arlovic (Social Democratic Party, SDP) and Srecko Bijelic (Croatian People's Party, HNS) who warned about the problems of small shareholders, especially those who had to sell their shares. (hina) mm rml