INA privatization slated to continue in H2
Monday, February 7, 2005, 00:00
The privatization of Croatian oil company INA Industria Nafte d.d. will probably continue in H2, with the Croatian state planning to sell all or part of its remaining stake to attract new FDI. The Croatian government will reach a decision in H1 regarding the size of the stake to be put on the block and the technical details of the privatization, Croatian Prime Minister Ivo Sander said in a press conference in Budapest. Sander did not disclose any information about revenue expectations from the sale. Croatia?s economic growth averaged 4% in the past two years, considerably spurred by UniCredito Italiano S.p.A.?s and Deutsche Telekom AG?s investments through privatization deals. Having acquired a 25% stake in INA for $505 million in 2003, minority owner Mol Rt is interested in increasing its stake in the company. The selection procedure will be completely open, transparent and objective, Sander promised.