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Norbi Update shares could be delisted

Telco

Shareholders of Norbi Update, the Hungarian lifestyle and nutrition franchise company, could vote to delist the firm’s shares during an annual general meeting to be held on May 31, according to reports.

Norbert Schóbert and Réka Rubint, proprietors of Norbi Update.

The company’s shareholders will also decide on a proposal to convert Norbi update into a closed company limited by shares (Zrt.), Hungarian news agency MTI reported today.

Norbi Update launched trade of its shares on the Budapest Stock Exchange in November 2014 with investors subscribing to 831,764 shares, above the minimum 800,000, and below the maximum of 2.2 million existing shares, on offer at an initial price of HUF 990 apiece, according to earlier reports.

Early last month, the National Bank of Hungary (MNB) fined Norbi Update HUF 1 million for failing to comply with disclosure rules by the deadline. In addition to the fine, the MNB also announced in early April that it was investigating the company for losses incurred through a brokerage scandal, according to reports.

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