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Nov 21, 2007 20:18 EEST
ZAGREB (Croatia), November 21 (SeeNews) – The Croatian government said on Wednesday it has raised more than 859 million kuna ($174 million/117 million euro) from the sale of shares in blue-chip oil and gas company INA to INA employees.
The sale of 7.0% of INA to company employees at a discount pegged to the number of years they have worked for INA is part of the government's privatisation plan for INA.
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“A total of 28,066 current and former employees bought shares,” the government said in a statement issued after the sale was completed. It sold to INA employees 628,695 shares at an average price of 1,366.48 kuna per share. The government will retain ownership of the 71,305 shares that had remained unsubscribed.
The Croatian government is INA's majority shareholder with a stake of 51% that does not include the unsubscribed shares. Hungarain oil company MOL owns 25%.
INA’s share closed at 2,540 kuna on the Zagreb bourse, down 0.78%, on 12.3 million kuna of turnover.
(1 euro=7.3344 Croatian kuna)
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