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Croatian Government intends to sell 22.8% stake in Končar Elektroindustrija

At the request of the European Commission, the Croatian Government drafted a new list of companies scheduled to be privatised or commercialised.

The Croatian Government decided to sell approximately 22.8% of its shares in Končar Elektroindustrija (Konkar-Electrical Industry), which includes 586,926 shares, valuing the stake at HRK 406 million (EUR 53million). The Croatian Central State Administrative Office for State Property Management has a 10.12% stake in the company. 

The government did not mention a time frame for the transaction, which will take place via auction sale or in block trades on Zagreb Stock Exchange.

According to Končar’s 2013 Annual report, KONČAR – Electrical Industry registered profit before tax of HRK 141.8 million (approximately EUR 18 million). The KONČAR Group consists of KONČAR – Electrical Industry Inc. as the parent company and 20 dependent companies.

So far, the Croatian government failed to privatise both  HZ Cargo and Pruzne gradevine, HZ Infrastruktura subsidiary infrastructure maintenance and repairs company.

 

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