May 28 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] said on Monday it has decided to participate in the recapitalisation of fertiliser producer Petrokemija [ZSE:PTKM] and will express its interest jointly with local company Prvo Plinarsko Drustvo.
The decision has been supported by INA's management board and supervisory board, it said in a filing to the Zagreb Stock Exchange.
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INA's participation in the recapitalisation will amount to 150 million kuna ($23.7 million/20.3 million euro).
The company noted that its intention assumes undertaking further activities from all included stakeholders, in order to implement the assumptions under which INA expressed its intention.
Petrokemija is currently looking for strategic partners who would invest 450 million kuna in the company.
The state controls a stake of 79.85% of Petrokemija.
The company's debt at the end of last year exceeded 800 million kuna, while its equity was negative in the amount of 196 million kuna.
(1 euro=7.39252 kuna)
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