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Croatia offers for sale electrical concern Koncar and hoteliers

Mon 23rd May, 2016 10:34am
ZAGREB, May 23 (Reuters) - The Croatian privatisation agency CERP invited investors on Monday to express interest in a stake in electrical concern Koncar KONL.ZA , part if a move to reduce public debt. CERP also said it would offer shares in two hoteliers on public auctions at the Zagreb bourse. "CERP aims to offer 20.49 percent of Koncar through bloc transactions on the Zagreb bourse. The deadline for binding offers is May 31 at noon local time (1000 GMT)," CERP said. An investor must buy at least 15,000 shares out of 526,926 shares that are on offer. The lowest price for one share is set at 670 kuna ($100.35). An auction for 30 percent of hotelier Suncani Hvar SUHV.ZA will be held on June 13 for initial price of 162.8 million kuna, while shares of hotelier HTP Korcula HTPK.ZA will be auctioned on June 6 in 12 packages each comprising around two percent of shares in the company. Details of the auctions can be seen on Croatia, the newest European Union member and one of its weakest economies, is struggling to reduce its public debt which is now at 87 percent of gross domestic product. The government plans to sell stakes in companies and earn some 200 million euros in the coming months, hoping to reduce the public debt this year by one percentage point.*:nL5N1896FS It also hopes that measures to ease doing business, such as cutting red tape and various non-taxation fees on business, will improve business climate and increase investments in the economy which has just started to recover after six consecutive recession years. Last year the economy grew 1.6 percent after losing some 13 percent of the overall output from 2009 to 2014. ($1 = 6.6768 kuna) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Details of the auctions ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Igor Ilic Editing by Jeremy Gaunt) ((; +385 1 4899 970; mobile +385 98 334 053;)) Keywords: CROATIA PRIVATISATION/
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