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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.

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