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Croatian oil company Ina sells further 2% of shares

The Croatian oil company Ina Industrija Nafte d.d. will allocate another 2% of its shares to institutional investors after selling 15% of the company on Zagreb and London exchanges on December 1.

The government gained a total of $478.4 million for the sale of 1.6 million shares, the Zagreb Stock Exchange said yesterday in an e-mailed statement. The government said in September it would sell 15 to 17% of Ina. Croatia, which started entry talks with the European Union last year and wants to join this decade, was told by the EU and the International Monetary Fund to speed up selling its assets.

The Balkan state sold 25% plus 1 share of Ina to Hungary's Mol Nyrt in 2003 for $505 million. Ina's shares soared from the initial prices of 1,690 kuna in Zagreb and $303.4 for the London Global Depositary Receipts immediately after being listed. The Zagreb-based company's shares fell 1.7% yesterday to 2,200 kuna. Its GDRs rose 0.4% to $385. (Bloomberg)