13 offers for purchase of state-owned stake in Koncar-EI

The Restructuring and Sale Centre (CERP) stated on Tuesday that it had received 13 binding offers by noon on 31 May for the purchase of the 20.49% state-owned stake in Koncar Electrical Industries.

The interest shown exceeds the number of shares offered for sale, given that offers have been made for 757,780 shares, while CERP put on sale a total of 526,926 shares, which make up the 20.49% state-owned portion of the equity of this Zagreb-based company.

The lower limit for the purchase is 15,000 shares or 0.59% of the equity, according to a press release issued on May 23 on the CERP website and in the daily newspapers.

The starting price is 670 kuna per share in a package of shares.

The CERP stopped short of identifying the bidders interested in Koncar-EI shares. Ownership of the offered shares may be obtained by domestic and foreign legal and natural persons in accordance with the Croatian law.

The centre noted that no offer was made on a "fill or kill" basis.

Some 300 members of the Croatian Metal Workers' Union gathered outside the government headquarters in Zagreb on Tuesday for a protest against "privatising Koncar at any cost."

The protesters want Koncar Electrical Industries to be put back on the list of companies of special importance for the state, and the call for the expression of interest and submission of binding bids for the purchase of its shares, owned by the state and the Croatian Pension Insurance Institute, to be annulled.

Last update: Tue, 31/05/2016 - 18:24

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