Govt. okays initial public offering of HT shares

Croatian nationals will be able to give their offers for the purchase of shares of HT -The Croatian Telecommunications from 17 to 27 September.

The Croatian Government decided at its session on Thursday that the initial public offering of HT shares would start on 17 September and close on 5 October.

Citizens entitled to pre-emptive rights who can subscribe for shares up to 38,000 kunas and above this amount which is outside the pre-emptive rights, can file their offers with branches of the Hrvatska Postanska Banka (Croatian Postal Bank), the Erste Bank and the Fiancial Agency (FINA).

The offers will be valid provided that potential buyers pay the value of the shares they have subscribed to until 23.59 hours 27 September.

During the collection of initial offerings, HT will be presented also to potential institutional investors.

Institutional investors from Croatia and abroad can submit their offers until 1 October. The deadline for payments in this case expires at 1059 hrs on 4 October.

Until the start of the initial public offering on 17 September, the government should determine a span of the offered price per share.

Upon the expiry of the deadlines, the Ivo Sanader cabinet will decide on a final price. On 5 October, HT shares are likely to be listed on the Zagreb Stock Exchange and the London Stock Exchange, Deputy Prime Minister Damir Polancec said.

In mid-June, the government decided to sell no less than 20 percent and no more than 23 percent of shares of HT by the Initial Public Offering model. This means that no less than 16,377,707 regular shares and no more than 18,834,363 regular shares will be offered for sale.

Hina