The first Deputy Prime Minister Radimir Cacic presented the idea of Ingra becoming an umbrella company for a joint appearance of the Croatian construction companies abroad at a secret meeting with representatives of leading construction companies, the business weekly Lider reports.
This could be a chance to save the building sector, which is on the verge of collapse. The prerequisite for this is that Ingra and other selected companies (IGH, Dalekovod and Konstruktor) be saved from bankruptcy by the state entering the ownership structure.
Although the mentioned companies like the idea of consortium, some of them hesitate to accept Ingra as the leading partner. In addition to this, the question is what would be the reaction of the financial sector. Indeed, it would be hard to find a bank that is willing to support the eur 100 million initiative and alleviate issuing of bank guaranties to the consortium.
But the initiative echoed in the Zagreb Stock Exchange immediately, where shares of Ingra soared by more than 10 percent this morning.
