Croatia to sell up to 23% of T-Com

The Croatian government decided to sell 20% to 23% of shares in the Croatian telecommunications company controlled by Deutsche Telecom on the stock market, an Associated Press report said.

The Associated Press report said the sale is tentatively set for September, the deputy Prime Minister Damir Polancec said.

The shares of HT-Hrvatske Telekomunikacije or T-Com will be sold on the Zagreb and London stock markets, with the starting price of 100 kuna ($18), the report said.

It would be the second time that the shares of one of Croatia's most profitable companies are being sold by public tender, the report said.

Late last year, the government sold 17% of shares in INA, the local monopoly, the report said.

Previously, the government usually sold shares in top companies to big foreign investors.

Croats will have the right to buy T-Com shares first, in amounts of up to 38,000 kuna ($6,928) per person, the report said.

In 2001, Deutsche Telecom purchased a controlling 51% stake with the government controlling the rest.

Polancec said there has been 'huge interest' for T-Com shares, so the government expects a 'very successful' sale, the report further said.