PLIVA d.d.Last update: March 4, 1996
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Banking in Transition - Case of Croatia
The German government will finance a cooperation project between the Munich bourse and the Zagreb Stock Exchange worth over one million marks.
The two year project, expected to be launched in October, will be financed by the German federal ministry of economic cooperation and development.
The project includes the implementation of a new on-line trading system which will facilitate the creation of an integral capital market as well as the education of brokers and bourse employees.
"The new trading system will directly, lower the cost of transactions, that at the moment is making an additional pressure to already high price of a capital for any kind of development," director of the Zagreb Stock Exchange Marinko Papuga said during the press conference on Friday (July 28).
In March last year, the Zagreb Stock Exchange introduced an off-line computer-linked trading system with brokers-dealers communication by modems. It now totals 47 stocks and 1 municipal bond issue.
I issue (A) of Zagrebacka banka (Zagreb Bank) shares, listed in II/B.
The flagship of Croatian pharmaceutical industry, joint-stock company "PLIVA" will be offer for sale. The Croatian Privatization Fund announced the sale of 24.90 percent of the equity of PLIVA d.d. pharmaceutical company at an auction that will take place on May 8, 1995 at the Zagreb Stock Exchange.
Total equity is estimated at 701 million German marks. The current ownership structure is as follows: 58.48% is owned by the Croatian Privatization Fund, two pension funds own 29.76% of the equity, while the employees own 11% of the stock.
Pliva, founded in 1921, is Croatia's leading pharmaceutical company. It produces a bulk substance azithromycin which is used for a new generation antibiotic marketed in Croatia under the name of "Sumamed", and by Pfizer under the name of "Zytromax".
Buyers will be required to pay in public debt bonds issues against frozen foreign currency, available at a discount from Croatian banks and brokerage firms members of the Zagreb Stock Exchange, at 65-71% of nominal value of bonds.
For more information click here: PLIVA d.d.
The istrian County bond, issued for a total of two million German marks, is the first bond officially listed on the Zagreb Stock Exchange.
It is also, the first municipal bond in the country. The bond is coupon-type, carrying an 11 percent interest rate. It has semi-annual maturity, falling due from June 30, 1995 through December 31, 1997. The issue, structured by private brokerage houses Investco and Ilirija Banka as co-underwriter and guaranteed by Istarska banka, has been fully subscribed.
The issuer is the Istrian County, raising money for an environmental project. (The Istrian peninsula with highly developed tourist trade has problems with waste water)
