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KEG shares delisted from stock exchange

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Photo courtesy Budapest Stock Exchange

The Budapest Stock Exchange (BÉT) said on Monday that it is removing the ordinary shares of KEG Közép-európai Gázterminál Nyrt. from its product list on December 18 based on instructions it received from the National Bank of Hungary (MNB), Hungarian news agency MTI reported. 

The MNB said on Monday that it has ordered the exchange to delist KEGʼs shares as it has not published earnings reports for several years and has not fulfilled its obligations as a publicly listed company.

The central bank has also issued a HUF 94.1 million fine to four shareholders of KEG acting in concert, who control more than 25% of the company but have not made a public takeover bid for KEG, as required by regulations.

KEG has been fined by the MNB on numerous occasions for disclosure violations, with trading in its shares suspended since 2016. 

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