Croatian watchdog may keep blocking trading in INA shares
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.