In the new digital and printed edition of Lider, we published a list of the hundred largest domestic shareholders, who are (co)owners of companies listed on the Zagreb Stock Exchange. We did not include so-called institutional shareholders, nor foreign companies that hold the largest ownership packages in the most powerful companies on the exchange. Namely, Unicredit is the richest shareholder on the exchange with a package of 96.2 percent of shares in Zagrebačka banka worth 4.62 billion euros. Mol’s stake in Ina (49.08 percent) is worth 2.45 billion euros, and 53.29 percent of shares in Hrvatski Telekom owned by Deutsche Telekom is worth 1.15 billion euros.
However, there is another powerful domestic player – the state. Among the 36 companies of special state interest, only five are listed on the exchange – ACI, Croatia Airlines, HPB, Janaf, and Ina. However, the state has ownership stakes in another 21 companies and, according to the value of the portfolio, it is the second-largest player on the Zagreb Stock Exchange, right behind UniCredit. The total value of state stakes (in the direct ownership of the Republic of Croatia, CERP, HZMO, and the Capital Fund) in 26 companies amounts to 3.82 billion euros, which is as much as 17 percent of the market capitalization of all companies and more than ten times the value of the package of the largest next domestic player on the exchange – Emil Tedeschi, who owns 50.2 percent of shares in Atlantic Grupa worth 378 million euros through his company Myberg.
Of the individual companies in the state portfolio, the most valuable shares are those of Ina – 2.24 billion euros. The stake of 44.84 percent should be a controlling package, but complete management was once entrusted to Mol by Sanader. The state is the majority owner of six companies on the exchange: Croatia Airlines (98.92 percent), ACI (78.91 percent), Janaf (78.51 percent), Jadroplov (70.42 percent), HPB (62.64 percent), and Vjesnik in liquidation (52.96 percent), and it has a controlling package (more than 25 percent) in Končar (30.5 percent), Đuro Đaković (26.34 percent), and Luka Rijeka (25.02 percent), and practically in Podravka (24.64 percent).
