The privatization of INA is governed by a special law passed in March 2002. Under this, other than the 2003 sale of 25% plus one to a strategic partner, which turned out to be MOL; and the forthcoming IPO for 15%; a further 7% of the company is reserved for war veterans and 7% is to go to present and former employees of the company. The war veterans’ shares will be transferred to a fund while the employees will be sold their shares on favourable terms, probably at the same time that the IPO takes place.
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