Ina’s Workers to Give Billion Kuna to State

[Dalmacia]

All current and former employees of Croatia’s oil company Ina have the right to buy the company’s shares at a price of 1,690 kuna per share, the Croatian government decided yesterday. Vice-Premier Damir Polancec proposed the means, price and special benefits of the sale of seven percent of Ina’s shares in the first round.

Sale harmonised with three Ina’s unions

Seeing as the government is selling seven percent of shares of the largest state-owned company, that is, 700,000 shares, it seems that the employees will pay a total of 1.12 billion kuna (minus five percent of discount) into the government budget.

The government made the final and defined decision yesterday, after having harmonised everything with Ina’s three unions last week.

At the meeting the government and unions concluded that employees will have a five percent discount on the price of 1,690 kuna per share and another percent discount for every working year.

However, the number of shares is limited to eight shares per person, except for those who have been working in the company for more than a year. They will be able to purchase another ten shares, 18 in total.

Beopetrol and Krajinopetrol employees without shares

The reference year is 1963 and the employees of companies that have separated from the Ina Group will not have the right to purchase shares, i.e. the workers of Beopetrol and Krajinopetrol.

-Lock-up periods have been established in which shares will not be sold – Polancec said, explaining that a large number of shares could be available on the market at one time.

If shares are left over from the first round of sale, employees will be able to buy them, but without a discount.