May 31 (SeeNews) - Croatia's state-run center for enterprise restructuring and privatisation, CERP, said on Tuesday it received 13 binding offers for a 20.5% stake in blue chip electrical company Koncar Elektroindustrija [ZSE:KOEI-R-A].
Investors filed bids for a total of 757,780 shares, exceeding the 526,926 shares on offer, with no offers for the acquisition of the whole stake via Fill or Kill (FOK) orders, CERP said in a statement.
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The shares will be sold on the Zagreb Stock Exchange after the most suitable offers are chosen, CERP noted.
Earlier this month CERP said it will seek at least 353 million kuna ($52.5 million/47.1 million euro) in total for the stake. The minimum amount investors could bid for was 15,000 shares, equal to 0.58% of the company's total share capital.
The 20.49% stake is collectively owned by the Croatian government (5.54%) and the Croatian Pension Fund (14.95%) and has a nominal value of 247.7 million kuna.
Koncar shares closed at 671.07 kuna on Tuesday, down 1.26% from Monday's close. The CROBEX index was down 0.43% at 1,704.64.
The sale of shares in Koncar is pursuant to a government decision from May 12 for the disposal of state-owned stakes in several companies in a bid to trim its large public debt, which reached 86.7% of GDP at end-2015.
(1 euro=7.49431 kuna)