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Nov 07, 2007 19:20 EEST
ZAGREB (Croatia), November 7 (SeeNews) – The share price of the company operating the Croatian Adriatic port of Ploce plunged on Wednesday, following a media report that the government does not plan to sell port operators soon, traders said.
Luka Ploce sank nearly 12% on a media report that the government planned no privatisation of port operators in the short term and had cancelled an extraordinary shareholders meeting of the company that was expected to vote on a proposed capital hike, said an analyst with Hypo Alpe-Adria-Bank.
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Company stock closed at 5,350 kuna on Wednesday, down 11.93%, on 2.7 million kuna ($540,000/368,000 euro) of turnover. The bourse suspended trading in Luka Ploce shares after their price dropped beyond the daily limits set by the bourse.
Earlier on Wednesday, local business news website Business.hr quoted the government as saying in a statement that the privatisation of Croatian seaports was not on the cabinet's agenda right now and, as majority owner of Luka Ploce, the government had cancelled a shareholders’ meeting scheduled for November 26 that was expected to endorse a rise in the company’s capital.
The government, which faces general election on November 25, owns more than 61% of Luka Ploce. Government officials were not immediately available to comment.
(1 euro=7.3327 Croatian kuna)
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