Croatian War Veterans' Fund To Sell 7.0% Stake in INA to Hungary's MOL – Media

"The management board of the fund unanimously decided to sell its whole stake in INA," HR Prvi Program quoted Deputy Prime Minister Jadranka Kosor as saying. Kosor, who also is president of the fund's board and Minsiter of War Veterans, was not immediately available to comment. 

"We have discussed a lot the situation on the market and market developments both in Croatia and abroad and we consider that we have taken the best decision," she told the radio.

The decision was proposed by the investment intermediary managing the fund, Erste Invest.

The veterans' fund is the third largest shareholder of INA after the Croatian government with 44.84% and MOL with 25%. The fund will raise some two billion kuna from the sale, the radio said.

"In the next few days, the fund manager should propose a plan what to do with these fundings and how to benefit most from them," Kosor said. 

MOL targets INA's 30.16% free float in its bid that expires on Friday.

INA’s share closed at 2,725.05 kuna on the Zagreb bourse on Wednesday, down 0.55%. 

(1 euro = 7.1088 Croatian kuna)