Mol wants more of INA?
Friday, September 15, 2006, 13:28
Mol Nyrt is trying to secure a further stake in oil and gas company INA in talks with the Croatian government before an IPO from INA takes place, Croatian business daily Poslovni Dnevnik reported on Thursday. Quoting sources close to the talks, the daily said Mol had promised to step up investment in INA's dated refineries if it was allowed to increase its holding. "Mol is informed about our plans and we expect its full cooperation in the IPO process," Croatian deputy prime minister Damir Polancec commented to HINA news agency. Croatia will list between 15% and 17% of state oil and gas group INA, partly owned by Hungary's Mol, on the Zagreb and London exchanges in November, the Croatian government said on Thursday. The initial public offering would be priced at Croatian koruna 900 ($ 154.4) per share, Croatia's state news agency Hina reported after the cabinet meeting. Hina said the IPO would include between 1.5 million and 1.7 million INA shares, meaning the government could raise between HRK 1.35 billion and 1.53 billion. "The prospectus is in the final stage of preparation. We expect the IPO in November," Polancec told the cabinet meeting. Mol bought 25% plus one share of Croatia's largest state enterprise for $ 505 million in 2003. 7% of INA shares have been distributed to veterans of the country's 1991 to 1995 war of independence. The government plans to give another 7% to former and current INA employees within six months after the IPO. (Mti-Eco)