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Croatia sets price of 1,690 kuna for shares in oil company Ina

The Croatian government said it will sell 15 to 17% of the oil company d.d. for 1,690 kuna (€230.85) a share on the Zagreb and London stock exchanges.

Shares will be listed on the two exchanges on December 1, the government said yesterday. The sale is being managed by Merrill Lynch & Co. and Raiffeisen Zentralbank Oesterreich AG. „The 15% is fixed, while the additional 2% will be decided based on the situation on the market,” Deputy Prime Minister Damir Polancec told reporters. „Total interest for the shares amounted to €3 billion ($4 billion).” Croatia, which started entry talks with the European Union last year and wants to join in 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 €384.6 million ($505 million). The government closed the books for institutional and international investors at 3 p.m. local time yesterday. Private domestic investors were offered preferred options to buy up to 38,000 kuna worth of shares and submit their bids until November 23. The government said on November 24 that 44,640 citizens had bought shares of Ina worth a total of 1.55 billion kuna. (Bloomberg)