The Croatian Agency for Financial Services Oversight HANFA ordered the ZSE yesterday to immediately cease all trading with eight listed Agrokor companies, including Ledo, Belje, PIK Vinkovci, Tisak, Vupik, Zvijezda, Žitnjak and Jamnica, in order to protect the investors and ensure orderly trading, reported the N1.
This decision comes after the ZSE decided to start trading in those shares again as of today, 02 March 2018.
Hanfa stated that it has ordered the ZSE to implement an immediate temporary ban on trading in the regulated market, until such moment as “when the public gets fully and accurately informed about the outcomes of the special administration process in Agrokor and dependent companies, and effects of those on individual issuers (companies)”. This would indicate a ban on trading until the final deal is reached, which could last until 15 July 2018. The reason given was that HANFA believes the new situation might be detrimental to the investors if the trading was to continue.
HANFA also noted a questionable efficiency of management of privileged and mandatory information in the entire process because of various persons and stakeholders involved in the special administration, and special effects that events related to Agrokor could have on Croatian economy. HANFA also noted existence of various unconfirmed and unverified speculative information about the process, and that the listed companies seem to be poorly informed about the process. “The change of the special administrator and the short time remaining for completion of the process are creating a situation which is substantially different than in the previous period”.