Croatia’s government has approved of the sale of a minority stake in national PTO T-Hrvatski Telekom (T-HT), with a planned flotation on the Zagreb and London stock exchanges by 5 October. An initial public offering (IPO) of between 20 and 23% in the telco, will run from 17 September to 4 October. Book-building for Croatian citizens will last from 17-27 September, and for local and foreign institutional investors until 1 October, with the deadline for payments on 4 October. The government will set a price range and determine the final price after the books are closed. Local analysts estimate the value of the shares at USD933 million. T-HT is 51% owned by Germany’s Deutsche Telekom, with 42% retained by the government, which recently distributed 7% to the country’s war veterans. It has earmarked proceeds from the T-HT sale to repay a decade-old debt to pensioners.
In related news, T-HT has confirmed that it will lay off 390 employees as part of a restructuring programme by the end of this year.