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Shareholders vote to delist Norbi update shares from bourse

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Shareholders of Hungarian nutrition and lifestyle firm Norbi Update yesterday decided to delist the company’s shares from the Budapest Stock Exchange (BSE), according to reports. The move followed the MNB’s suspension of trade in the firm’s shares, as well as numerous fines by the market watchdog. 

Founder and owner of Norbi Update: Norbert Schobert. (Photo: Facebook page of the company)

The scheduled date of the delisting is October 31. The delisting was voted on by a majority with 88.29% of the shareholders attending the general meeting. Shareholders also voted on converting the enterprise into a closed company limited by shares following the delisting, Hungarian news agency MTI reported. 

It was reported earlier that shares of the firm could be delisted, after the central bank fined the company and suspended trading in the shares of the firm a number of times.

Norbi Update had HUF 838 million revenue last year, down from HUF 932 mln in 2014, MTI reported, adding that the company had HUF 344 mln net loss in 2015 and a HUF 156 mln net profit in 2014.

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