Croatia to Sell Minority Stakes in Janaf, Croatia Osiguranje

Croatia will sell 10.66 percent of oil pipeline operator Jadranski Naftovod d.d. (JNAFRA) and 29 percent of insurer Croatia Osiguranje d.d., while retaining control of both companies.

The government will sell the shares through a retirement fund and use the proceeds to pay its obligations to pensioners, the government said yesterday in a statement on its website.

The Jadranski Naftovod shares being sold are valued at 271 million kuna ($49 million), while the Croatia Osiguranje shares being sold are valued at 458 million kuna, the government said.

To contact the reporter responsible for the story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for the story: James M. Gomez at jagomez@bloomberg.net

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