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.

Related stories

Failed auction for Suncani Hvar shares

Protest against sale of state-owned assets

Latest news

Bomb explodes outside police officer's home in Northern Ireland

A bomb exploded outside a police officer's home in Northern Ireland on Wednesday but there were no immediate reports of casualties.

Denmark to charge man with blasphemy over burning Koran

Danish prosecutors said Wednesday they have opened a rare blasphemy case against a man who videotaped himself burning a copy of the Koran.

South Africa to raise taxes for the wealthiest

South Africa will raise the income tax rate for the country's wealthiest to 45 per cent from 41 per cent, Finance Minister Pravin Gordhan announced Wednesday.

French centrist leader offers conditional support to Macron

The leader of France's centrist Democratic Movement party, Francois Bayrou, said Wednesday he was willing to support reformist former economy minister Emmanuel Macron in the country's upcoming presidential election.

Amnesty International warns of nationalist rhetoric and hate speech in Croatia

Croatia continues to have problems with discrimination against ethnic minorities and with freedom of the media, while heightened nationalist rhetoric and hate speech during election time contributed to growing ethnic intolerance and insecurity in the country, global human rights watchdog Amnesty International said in its annual report on the state of human rights in the world in 2016/2017.

Official assigned to Wilders' security team held by Dutch police

A security official assigned to protect Dutch far-right politician Geert Wilders is being held by police on suspicion of passing along classified information about the lawmaker to a Dutch-Moroccan crime gang.

Italy's 'Red Thing' could make impact in election debut, polls show

Two polls conducted for RAI public broadcaster released Wednesday showed a new entity that split from Italy's ruling Democratic Party

Council: Nixing grants to "Novosti" would cause far-reaching implications

The Council for National Minorities, a state-level autonomous umbrella organisation for all ethnic minorities in Croatia, has stated that the cancellation of financial grants to the "Novosti", a newspaper of the ethnic Serb minority, would produce far-reaching implications and stir criticism for reduction of free speech and of freedom of expression of the most numerous ethnic minority.

Russia to build replica Reichstag for schoolchildren to storm

A military-themed park in a suburb of Moscow will soon install a replica of Berlin's Reichstag for Russian schoolchildren to storm, Defence Minister Sergei Shoigu said Wednesday.

Alitalia strike set for Thursday, hundreds of flights cancelled

Employees of Italy's loss-making airline Alitalia will go on strike Thursday, air transport unions confirmed, after government talks with both sides failed to break the deadlock.

EU calls on Germany to reduce large current account surplus

The European Commission on Wednesday called on Germany, the bloc's biggest economy, to reduce its large current account surplus and focus on boosting domestic consumption.

Germans' demand for Croatian destinations on steady rise

Bookings for Croatia's destinations in some regions of Bavaria have been rising and some statistics show a 30% increase year-on-year, according to the preliminary information from the "f.re.e." fair for leisure and travel, which opened in Munich on Wednesday and runs through Sunday.