The government adopted a decision on the mode of sale, the price, the time term and conditions for the sale of INA shares in a public tender and with special privileges for Croatian citizens, as well as a decision to continue with the privatisation of HT.
Under the decision on the sale of INA, not less than 15 percent and not more than 17 percent of company shares, i.e. a minimum of 1,500,000 shares and a maximum of 1,700,000 shares will be offered for sale at a nominal price of 900 kuna.
The government wants the public to join in the privatisation of INA, Sanader said.
Croatian citizens are invited to submit binding offers for the purchase of shares worth up to 38,000 kuna with the right of pre-emptive buying and with a special privilege.
The special privilege is that for every ten shares bought and kept for at least a year citizens will be given one INA share free of charge, Deputy PM Damir Polancec said.
The rest of the shares which are not sold to Croatian citizens with pre-emptive buying rights will be offered for sale to domestic private entities, foreign investors and Croatian nationals.
After decisions are made by the Croatian Financial Services Supervisory Agency (HANFA) and its British equivalent, INA's shares will be offered for sale in November, Polancec said.
The sale of seven percent of INA shares under favourable conditions to INA's current and former employees will be completed within six months from the completion of the public tender at the latest.
The government set up a commission in charge of the sale of seven percent of INA shares.
At least 20 percent of HT shares will also be offered for sale on the Zagreb Stock Exchange and another world stock market.
PM Sanader recalled that the government had already announced that the continuation of the privatisation of HT would ensure funds for the payment of the state debt to pensioners.
Deputy PM Polancec said that the issuing of INA and HT shares on stock markets would be an important step in the development of the capital market, and foreign investments. After the shares of the two companies are offered for sale, Croatia will become the most important capital market in the region, he said.
Polancec stated that HT's majority owner, Deutsche Telekom, had been informed of the government's decision and that there had been no negative reactions.
When it was buying INA shares, the Hungarian oil company MOL too was informed about the public privatisation of the company as envisaged by the Law on the Privatisation of INA. We expect full cooperation from MOL in the implementation of a successful initial tender offer, Polancec said.