INA's biggest shareholder is Hungary's MOL with some 47%, while the Croatian government owns 44%. Croatian Finance Minister Ivan Suker said in January that INA would issue €200 million ($271.4 million) of convertible bonds by March.
The funds raised would be used to pay overdue taxes and finance the company's operations. It was not immediately clear if the bond issue was the only option, or whether INA could seek funds through other means, such as a loan from its biggest shareholder, MOL.
INA's bond issuance would be one of the only few major corporations to make such issues on European Union candidate Croatia's local market in recent years. (Reuters)
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