The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Dividing up the cake

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.

In addition, 25% plus one share will be retained by the government until Croatia enters the EU and the remaining 21% can be sold either directly to a strategic investor or via the stock market, after any allowance necessary to recompense former owners of the company's property.

Other than to help with the IPO, the financial adviser that is appointed will be tasked with recommending the best model of privatization for this remaining 21% and how to effect the respective transfer and sale of 7% to the war veterans and employees.

Although a timetable needs to be planned with the privatization's advisers, Damir Polancec accepts that all stages of the sale, except the government's 25% plus one share, could be completed by the end of 2006.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree