Trade in SET shares temporarily suspended

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Photo courtesy Budapest Stock Exchange

Trade in the ordinary shares of SET Group Nyrt. was suspended temporarily from the start of the trading session on Wednesday pending an extraordinary announcement that could affect the share price, according to a resolution posted on the website of the Budapest Stock Exchange (BÉT). Trading in the shares resumed at 3 p.m.

The CEO of the BÉT obliged the issuer to disclose the extraordinary information necessitating the suspension of trading in accordance with the exchange regulations.

Trade in shares of SET Group resumed later after the company said it had paid a number of oversight fines to expand its business prospects, state news wire MTI reported. SET Group said it paid 11 fines, totaling over HUF 46 million, levied by the financial market watchdog between 2013 and 2018. SET Group noted that the fines were levied while the company was under its former management.

SET Group said liquidation procedures connected to the fines that were launched against the company had prevented it from signing certain business contracts until now. The company added that it still owes "significant accrued interest" on the fines, and said it had asked the National Bank of Hungary (MNB) to remit the charges.

SET shares closed on Tuesday up 6.55% at HUF 244. The share price has risen a little more than 122% in the year to date.

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