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Government To Sell 20 Percent Of HT Shares
By Nenad N. Bach | Published  06/25/2007 | Business | Unrated
Shares of HT to go on sale
Government To Sell 20 Percent Of HT Shares

No less than 20 percent of the shares of the telecommunications company HT will be offered at the Zagreb and London stock exchange.

In the third phase of the privatization of Croatian telecommunications company Hrvatske telekomunikacije (HT), 20 percent of the share will be offered on sale, and the money obtained from the sale will be used to pay the third installment to pensioners.  

"In this way, I am telling all the pensioners who are waiting for the third installment that the money will be paid to them in time," said Prime Minister Ivo Sanader at a government session.

At least 20 percent of the share will be offered on sale, which constitutes 16,377,707 shares in the name HT d.d., each nominally amounting to 100 kunas. Moreover, in case there is high demand, an additional three percent of the share will be offered, said the government Vice-President Damir Polancec at the session.

Initial public offers of the shares will be available at the Zagreb and London stock exchange in September.

"The shares will be offered to Croatian citizens with priority rights and with certain benefits, and one share for free for ten purchased ones, which a citizen has to keep for at least a year, will be an additional benefit," explains Polancec.

The shares will be offered to Croatian legal persons and foreign investors without any benefits.  

The government of the Republic of Croatia still has to determine the date when the public offer will begin, as well as the duration and terms of the process of public offer, the deadlines necessary to implement the decision, the range of the offering price and the day when the transaction will be completed.  

Every Croatian citizen will be able to make an offer to buy a number of shares of which the overall selling price does not exceed 38,000 kunas.  

"Every sum above 38,000 kunas enters the category of institutional investors," said Polancec, pointing out that this would be a successful privatization project.


Formatted for CROWN by   Marko Puljić
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