ZAGREB, Oct 26 (Hina) - The Croatian Government at Thursday's session reached a decision on initiating proceedings of restructuring the Croatian Electric Power Supply public company (HEP) and Croatia's oil company INA, as a
preparation for their privatisation.
ZAGREB, Oct 26 (Hina) - The Croatian Government at Thursday's
session reached a decision on initiating proceedings of
restructuring the Croatian Electric Power Supply public company
(HEP) and Croatia's oil company INA, as a preparation for their
privatisation. #L#
The Government selected the Backer & McKenzie law company as legal
advisor in the second privatisation phase for the Croatian
Telecommunications (HT) company.
The first step in the restructuring of HEP and INA will be a public
tender for legal advisors and determining a legal frame of the
deregulated energy supply market.
The Government committed the Privatisation Commission to elect an
advisor, draft a concept of privatisation and relevant regulations
within three months.
The advisory business for Croatia in the second phase of
privatising the HT, done by Backer & Mckenzie, will be completed for
US$690,000, which includes the costs of the work of Croatian legal
advisors. Should HT's strategic partner remain the same, the
company will allocate a fixed compensation of US$220,000 for
negotiations with the partner.
The Government granted the wish of the Schroeder Salomon Smith
Barney investment bank (recently selected as advisor in the second
phase of privatisation of the HT) to choose as its legal advisor the
Allen & Overy law firm, which is going to do the job for US$125,000
at the most.
Also, the Government decided to grant a structure of unions of
banks, sponsors of the public tender for HT stock, comprising
investment banks Schroeder Salomon Smith Barney from London and
Credit Anstalt IB A.G. from Vienna.
The Government made a decision on initiating agreements with the
World Bank, which has granted a US$400,000 deed of donation to
Croatia for financing the project of an effective social and
economic communication.
Due to this year's drought the yield of corn has been decreased, so
the Government decided to temporarily rescind the 20 per cent
customs tariff for the import of corn.
(hina) lml