The management board of the Restructuring and Sale Centre (CERP) on Friday adopted a decision on the sale of 526,926 shares in the Koncar electrical company in various packages to pension insurance companies for just over HRK 360 million, CERP reported.

Inspecting all 13 bids submitted for the purchase of the state's share in Koncar of 20.49%, i.e. 526,926 shares, CERP's management board determined that the following pension insurance companies had submitted bids: RBA, AZ, Erste and PBZ Croatia on behalf of various pension funds they manage including compulsory and optional pension funds.

All together their bids referred to 757,780 shares, which is more than had been put up for sale and CERP decided to only allocate the proposed 20.49% or 526,926 shares that were put up for sale with a starting price of HRK 670 per share.

The largest number of shares (184,146) are to be allocated to the compulsory AZ Fund, which offered a price of HRK 675 per share, and an additional 37,780 shares will be sold to AZ optional pension funds which offered a price of HRK 677 per share.

The Erste pension funds purchased 75,000 shares at a price of HRK 691 per share and an additional 45,000 shares for a price of HRK 711 per share, which was the highest price offered.

The PBZ Croatia Osiguranje pension fund purchased four share packages - two with 66,650 shares each at a price of HRK 686.52 and HRK 681.52 per share respectively as well as a further 15,000 shares for a price of HRK 690.52 and 16,700 shares at HRK 675.52 per share.

RBA pension funds were allocated 20,000 shares at a price of HRK 675.55.

AZ pension funds will pay almost HRK 150 million for the shares purchased, PBZ funds will pay HRK 113 million, Erste funds almost HRK 84 million and RBA funds will pay HRK 13.5 million.

CERP's management board delegated an authorised investment company to execute the block transaction for these shares on the Zagreb Stock Exchange with a settlement date of June 7.

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