Croatia’s market regulator Hanfa may indefinitely block trading of shares in national energy company INA, a subsidiary of Hungarian oil and gas group MOL, reports Portfolio.hu quoting local news portal Business.Hr as well as the watchdog’s President Ante Samodol.
Hungary’s MOL holds a 47.2% stake in INA, as well as mandating rights.
Hanfa on 29 July extended the trading suspension of INA on the Zagreb Stock Exchange. On 30 August, INA lodged a court complaint against the regulator’s decision. The company’s stocks were last traded in Zagreb on 27 April.
“Given the current political environment and upcoming elections, the decision is more than understandable for us,” commented Olena Kyrylenko, analyst at KBC Securities.
“It is also clear that MOL will not be trying to buy shares on the market and its plans to increase its ownership in INA are postponed for indefinite period or at least until the election results,” she added.
Overall she sees the news as neutral.
