After a brief meeting of the Board of the Veterans Fund, it was decided that all seven percent of INA’s shares will be sold to a Hungarian oil company. The decision was made based on the recommendation of the CEO of Erste Invest, Josip Glavaš.
After less than twenty minutes of discussion, the Board of the Croatian Veterans Fund decided to sell the entire portfolio of INA’s shares to MOL in a public offering. Thus, the Fund will receive one billion and 960 million kuna from this transaction in October. Since every investment decision of the Fund must be approved by the Board, it is unlikely that this money will flow into the domestic capital market. Although it can now be argued that the prices of domestic shares are attractive for purchase, Glavaš stated that they intend to invest the money in bonds and other types of conservative financial instruments. In addition to INA, the Fund also holds seven percent of HT shares in its portfolio. (Amir Kulenović)
