On behalf of the government, the Ministry of Finance on Wednesday published a call for expressions of interest and non-binding offers to gain shares in the national insurance company Croatia Osiguranje (CO) from the state portfolio and to pour fresh capital into the company.
Pursuant to a decision adopted on 18 July, the government intends to sell 80.2% of its ownership share in CO so that after the sale the government will continue to own at least 25% plus one share or at the most a 30% share of the capital-regenerated company.
The call for expressions of interest was advertised on the ministry's web site and that of the State Property Management Administration (DUUDI) and it notes that consideration will be given only to investors that meet criteria in keeping with European Union and Croatian legislation, as gaining shares in CO is subject to certain regulatory approvals and so the investor in question may be excluded as a result of the regulations.
This refers to possible bidders that are in the process of liquidation, are insolvent or subject to forced administrative procedures - bankruptcy of similar proceedings.
The bidding will be open until 31 August. Speculation has it that the Polish state insurance giant PZU and the domestic Adris Group may express interest in injecting fresh capital in the Croatian insurance company, whose market capitalization is HRK 2.17 billion.
