engleski

Transparent Privatisations - A Case Study of Croatian Telecom

Mid-1990s in the SEE region have been marked with the transformation of once social ownership to state ownership in enterprises and real estate. While the former either stayed in state ownership or have been waiting for a strategic investor to come and buy the state's ownership stake, the latter have been faced with a number of unresolved ownership issues which in many cases ended up in their bestowal to the local authorities or targeted social groups of citizens. This paper aims to analyse whether transparent privatisations can solve for the problem of state’s inefficiency in managing public companies and revive domestic capital market. The research is based on a case study of the well-known privatisation of Croatian telecommunications by public share offering to retail and institutional investors in September-early October 2007. The financial impact of this privatisation has been analysed almost a decade ahead by taking into account company’s market and operating performance, in order to confirm or reject some common attitudes over pros and cons of former monopolies’ privatisations. The results of the research may be compared well to other telecoms privatisations.

share issue privatisations, telecom, operating performance, market performance restructuring

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