T-HT employees only take up 64.6% of shares on offer

24 Jun 2008

Current and former employees of Croatian incumbent telco T-Hrvatski Telekom (T-HT) have bought only 64.6% of an allocation of shares offered to them by the government, representing 4.5% of total equity in the former monopoly. A 7% state-owned stake in T-HT was offered at discounted rates, with the maximum number of shares per buyer limited to 1,000. At the close of the sale last week 14,942 individuals acquired 3.7 million shares at a total cost of HRK689 million (USD148 million). All the unsold shares will remain in the ownership of the Republic of Croatia. Following the sale T-HT is owned by Germany’s Deutsche Telekom (51%), public investors (32.5% – individuals 25%, institutions 7.5%), the government (5%), and current and former employees (4.5%), with the remaining 7% held by a Croatian war veterans’ fund as of mid-April 2008, although at that date some veterans began selling shares on the Zagreb bourse after the expiration of a trading ban on the fund’s stock.

Croatia, Hrvatski Telekom (HT)