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Wednesday, October 12, 2005 04:02:00 PM
Croatia has approved on Wednesday the distribution of 7% of state-controlled oil concern INA, co-owned by Hungary's MOL, to veterans of the country's 1991-95 war of independence, Reuters reported.
"The shares are transferred free of charge to the Croatian war veterans fund. Seven percent of INA totals 700,000 shares," a government statement said, adding that veterans will also get dividends from INA's business in the future.
Croatia plans to sell a further stake in INA by next spring and has chosen Merrill Lynch as financial adviser. Tentative plans envisage listing up to 15% of the largest state company on a bourse and giving another 7% to INA employees.
INA Chief Executive Tomislav Dragicevic put its value last month at USD 3.5 to USD 4 billion, citing its recent discovery of oil and natural gas in Syria and the start of an overhaul of its ageing refineries.
MOL also plans to up its stake in INA to a majority and together with INA expand in the region.
Earlier this year Croatia transferred 7% of the national telecoms operator T-HT, majority-owned by Deutsche Telekom, to the war veterans fund.
Neither HT nor INA are currently traded on a bourse.
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