Belgrade Stock Exchange suspends trading in ordinary shares of Komercijalna banka
The Belgrade Stock Exchange has decided to suspend trading in ordinary shares of Komercijalna banka as of tomorrow due to the breach of confidence in the securities trade, the Momentum Securities brokerage company announced today.
“This decision was made due to the circumstances ‘related to the publication of information of material importance for making investment decisions, thus breaching the confidence in securities trading,” the statement says.
On last Friday, the Belgrade Stock Exchange suspended trading in preference shares of Komercijalna banka for the same reasons.
What does the stock exchange’s decision entail?
These decisions came as a consequence of the announcement of the compulsory acquisition of shares of Komercijalna banka, which, according to the published material for the shareholders’ assembly meeting, the majority owner should have implemented at the price of RSD 4,532.2 for ordinary shares and RSD 1,000 for preference shares.
And while the minority shareholders do not dispute the acquired condition for the compulsory acquisition of shares because Slovenian NLB Bank acquired over 90 percent of the capital of Komercijalna banka, what is disputable is the price determined for the preference shares.
“Since being listed on the Belgrade Stock Exchange, the bank itself has published an identical book value for all classes of shares, while at the moment when the compulsory acquisition of all the shares was being prepared, it published the book value of preference shares of RSD 1,000 – 4.5 times lower than the book value published in the official stock exchange newsletter of the bank,” the statement says.