The Croatian Financial Services Supervisory Agency (HANFA) on Monday prolonged the suspension of trading in the shares of the INA oil and gas group until the end of the trading week on May 20 at the latest, and it expected the Hungarian oil and gas operator MOL to voice its position concerning the request sent on 9 May about information on how it had acquired INA shares.
HANFA ordered the suspension of trading in INA on May 9, saying that based on the results of its monitoring of trading on March 31 and investor data available, it had asked the Hungarian oil and gas operator MOL for information on how it had acquired INA shares, on financial resources it had secured for another entity to purchase INA shares, and on a possible agreement with another entity to purchase INA shares.
On May 6, HANFA received a notification from MOL via the Zuric i partneri law firm, whereby MOL responded to its request of March 31.
"Given that the said notification did not contain all the information HANFA needs to correctly and fully establish facts, HANFA believes that it is necessary to again temporarily suspend trading in order to ensure regular and proper trading on the capital market," HANFA said in its decision of 9 May.
It recalled that under the Law on the Capital Market, a temporary suspension expires on the date stated in a decision to that effect or upon delivery of proof based on which it would be able to establish that conditions which had led to suspension in trading no longer exist.
HANFA suspended trading in INA shares on several occasions - from March 28 to April 1, from April 4 to April 8, from April 28 to May 6, from May 9 to May 13 and now from May 16 to May 20.
