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Viewing cable 07ZAGREB938, FROM THE MATTRESS TO THE MARKET: CROATS DISCOVER THE JOYS

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Reference ID Created Released Classification Origin
07ZAGREB938 2007-10-15 08:22 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Zagreb
VZCZCXRO9347
RR RUEHAG RUEHAST RUEHDA RUEHDBU RUEHDF RUEHFL RUEHIK RUEHKW RUEHLA
RUEHLN RUEHLZ RUEHPOD RUEHROV RUEHSR RUEHVK RUEHYG
DE RUEHVB #0938 2880822
ZNR UUUUU ZZH
R 150822Z OCT 07
FM AMEMBASSY ZAGREB
TO RUEHC/SECSTATE WASHDC 8229
INFO RUEHZL/EUROPEAN POLITICAL COLLECTIVE
UNCLAS ZAGREB 000938 
 
SIPDIS 
 
SENSITIVE 
 
SIPDIS 
 
STATE FOR EUR/SCE 
 
E.O. 12958: N/A 
TAGS: ECON EFIN EINV HR PRIVATIZATION
SUBJECT: FROM THE MATTRESS TO THE MARKET: CROATS DISCOVER THE JOYS 
OF THE STOCK MARKET 
 
Ref: Zagreb 862 
 
1. Summary: The further privatization of Croatia Telecom was the 
talk of Zagreb after its October 5 IPO, in which the GOC offered 
citizens the option to purchase shares at what was a substantially 
discounted price.  Coming as it did only 7 weeks before general 
elections, the Government-set sale price of HRK 265 per share was 
criticized by the opposition as pre-election pandering when the 
share price shot to HRK 400 on the opening of trading in Zagreb and 
London.  Prime Minister Sanader expressed satisfaction with the 
results, saying that his government wanted to ensure people made a 
profit on their investment and promised more privatizations of major 
companies should his party be given another term in office in 
November's elections. Volume on the Zagreb Stock Exchange has broken 
records as many of the more than 350,000 people who purchased shares 
have  been lining up at brokerages across the country to sell, 
hoping to lock in the over fifty-percent gain on their investments. 
End Summary. 
 
2. Interest in the privatization of Croatia Telecom (HT) exceeded 
expectations (REF) as a stock frenzy gripped a culture traditionally 
more disposed to stashing cash under mattresses than to investing in 
securities.  In fact, interest was so great that the GOC increased 
the number of shares available, and still had to reduce the maximum 
size packet each citizen could purchase.  Two factors fed this 
frenzy.  First was the previous IPO of the national oil company INA 
under similar conditions, when those few citizens who took advantage 
of the offer reaped a nearly 80 percent gain on the first day of 
trading. Second was the (accurate) assumption that the GOC, with 
elections upcoming, would set the initial share price low, 
guaranteeing investors a gain. 
 
3. Over 350,000 Croats (in a country of 4.4 million people) signed 
up to buy shares, most for the first time in their lives.  They were 
not disappointed.  The GOC set the price for HT shares at HRK 265 
(approx USD 52).  On the opening of trading, the share price in 
Zagreb and London rose to over HRK 400, before settling at around 
HRK 380.  As Croats lined up at the country's brokerages to sell 
their shares, trading of HT alone accounted for over half the volume 
on the Zagreb Exchange over the last week. 
 
4. Opposition candidate Ljubo Jurcic (SDP) criticized the Sanader 
government for politicizing the sale of HT by setting such a low 
share price, arguing that Sanader had defrauded the state.  Jurcic 
and SDP party head Zoran Milanovic renewed calls for enactment of a 
capital gains tax in Croatia (which currently has none).  Sanader 
and the ruling HDZ oppose a capital gains tax, claiming it would 
stifle Croatia's small, but growing, capital market.  Sanader 
expressed satisfaction with the HT privatization and said that, if 
re-elected, he would organize more such IPOs, including state-owned 
(and very profitable) insurance heavyweight Croatia Osiguranje. 
 
5. COMMENT: The Croatian public knows that the HT sale was timed 
with elections in mind, but the $1,200 one-day profit has been much 
more interesting to most than the opposition's charges of pandering. 
 Nearly ten percent of the population, meaning a much larger 
percentage of total households, bought shares.  It is unclear 
whether or not this privatization will help Sanader in the 
elections; what is certain, however, is that it will not hurt. 
 
BRADTKE