Croatian Watchdog May Keep Blocking INA Trades-Report
September 08 2011 - 4:44AM
Dow Jones News
Croatia's market regulator Hanfa may indefinitely block trading
of shares in energy company INA-Industrije Nafte D.D. (INA.ZG), a
subsidiary of Hungarian oil and gas company MOL (MOL.BU), local
news portal Business.hr reported, citing the regulator's president
Ante Samodol.
MOL has a 47.2% stake in the Croatian company, as well as
mandating rights.
INA's stocks were last traded in Zagreb April 27. The regulator
extended a trading suspension of INA shares on the Zagreb stock
exchange July 29; INA filed a court complaint against the
regulator's decision Aug. 30.
KBC Securities analyst Olena Kyrylenko attributes the move to
Croatia's political environment and upcoming elections.
"It's also clear that MOL won't be trying to buy shares on the
market and its plans to increase its ownership in INA are postponed
at least until the [end of the] elections," she added.
MOL is traded up 0.2% or HUF25 at HUF17,075 at 0718 GMT.
Newspaper website:
www.business.hr/hr/Naslovnica/Burza/Ina-ispala-iz-Crobexa
-Budapest Bureau, Dow Jones Newswires; 361-267-0622