The government expects to approve the amendment with a few modifications on Saturday, Kosor said. The plan is related to financial market watchdog HANFA’s decision on Monday to suspend trade in INA shares until foreign investors who started buying INA shares in the past weeks are identified, he added.
Trade in the shares was suspended until April 1. Croatian dailies have speculated Hungarian oil and gas company MOL could be behind the purchases. MOL owns 47.3% of INA and the Croatian government holds 44.84%.
MOL made a public purchase offer for the 8% of INA shares in free float last December. MOL offered HRK 2,800 per share, the same as the price in a public purchase offer it made in the autumn of 2008. But other market players appeared to outbid MOL, pushing the share price over the offer. MOL raised its stake by just 0.1% in the offer.
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